#United States #Washington D.C. #City First Bank #New Markets Tax Credit #CDFI Fund

City First Bank Secures $75 Million for Community Investments Through Tax Credits

City First Bank is thrilled to announce a monumental achievement: it has been awarded a $75 million allocation of New Markets Tax Credits (NMTC) from the Community Development Financial Institutions Fund (CDFI Fund). This significant funding empowers the bank to continue its essential work in fostering economic growth and providing opportunities within underinvested communities across the nation.

Historical Context of NMTC at City First Bank

Since the inception of the NMTC program, City First Bank has demonstrated its commitment to community development by successfully deploying approximately $548 million in allocations. This funding has served as a catalyst for 54 transformative projects, strengthening communities and paving pathways to prosperity, especially in areas that require the most attention. The focus of these initiatives has been on expanding access to essential services such as education and healthcare, which are critical for sustaining long-term economic mobility in the regions served.

Endorsement from Leadership

Brian Argrett, President and CEO of City First Bank, expressed the significance of this recent NMTC allocation: "This NMTC allocation is catalytic for the communities we serve. It enables us to partner with mission-driven organizations and deliver resources that create a lasting impact in communities where investment is needed most." This passionate assertion emphasizes the bank's continued dedication to fueling community-led development organized around core needs.

New Additions to the NMTC Advisory Council

Further demonstrating its commitment to innovation and community impact, City First Bank has announced the appointment of two prominent figures to its NMTC Advisory Council:

• - Desmond Marshall, known for his leadership in community development in Chicago, brings a proven track record of advancing mission-driven organizations.
• - Dr. Marla Dean, a strategist in the nonprofit sector from Washington, D.C., possesses deep insights into educational initiatives and economic mobility models for the next generation, enhancing the council's capability to drive impactful policies.

Together, these advisors will play pivotal roles in shaping the strategic direction of the NMTC program at City First Bank, ensuring that the allocated resources are utilized effectively within the communities that need them the most.

Commitment to Community Investment

City First Bank's NMTC allocations serve as an ongoing commitment to empowering robust community-based organizations and driving change. This framework remains a key strategy in the bank's efforts, targeting the enhancement of low-income communities and generating opportunities for all residents. The funding not only supports commercial loan products but also encompasses services and depository accounts that facilitate investments in affordable housing, small businesses, and nonprofit initiatives that address community needs.

About City First Bank

As a Community Development Financial Institution and Certified B Corp, City First Bank's mission extends beyond simply providing financial services. It is deeply entwined with the fabric of community development, proactive in building a comprehensive lending and deposit platform that supports the City First branded family of institutions—City First Enterprises, Homes By CFE, and City First Foundation. With a firm commitment to equity in housing and business opportunity, City First Bank represents a cornerstone of change in the banking sector.

Looking Ahead

With the recent NMTC allocation, City First Bank is poised for further growth and enhanced service delivery in underinvested neighborhoods. The allocation not only signifies financial support but also reflects an ongoing dedication to creating a more equitable future through community-driven development initiatives. Once again, City First Bank highlights the vital role of strategic financial services in addressing social and economic disparities in the U.S.

In summary, City First Bank's acquisition of the NMTC allocation represents a strategic step forward in its mission to uplift communities and reinvest in the nation's most vulnerable areas. Through targeted investment and collaboration, the bank aims to foster resilient communities equipped to thrive economically and socially.