- U.S. Treasury Department's Community Development Financial Institution Fund selected Truist Financial's (TFC -0.5%) subsidiary SunTrust Community Development Enterprises to receive $65M in New Markets Tax Credit (NMTC) allocation.
- Being the 10th time the subsidiary has been selected as a receipt, awards now total $643M in allocation authority.
- The NMTC is designed to attract private-sector capital investment into the nation's urban and rural low-income areas.
- Truist is positioned to provide loans and investments with reduced interest rates and/or non-traditional terms and conditions to support community development projects that stimulate economic growth.
- "We've already deployed ~$6B in capital to projects that strengthen our communities, and we look forward to expanding this purpose-driven work with the new allocation," Head of Truist Community Capital Keitt King commented.