The New Markets Tax Credit Program (NMTC Program) was established by Congress in 2000 to spur new or increased investments into operating businesses and real estate projects located in low-income communities. The NMTC Program attracts investment capital to low-income communities by permitting individual and corporate investors to receive a tax credit against their Federal income tax return in exchange for making equity investments in specialized financial institutions called Community Development Entities (CDEs). The credit totals 39 percent of the original investment amount and is claimed over a period of seven years (five percent for each of the first three years, and six percent for each of the remaining four years). The investment in the CDE cannot be redeemed before the end of the seven-year period. In order to spur organic growth within the organization, and to supply additional financing products to its market, TMF  has received nine rounds of NMTC. This includes: $25 million in 2008 and 2009, $35 million in 2010, $50 million in 2011, $35 million in 2012, $43 million in 2013, $75 million for  calendar year (CY) 2015-2016, $35 million in 2018, $45 million in 2019, and $65 million in 2020. TMF deploys its NMTC into compliant projects throughout the State of Texas. Projects may be real estate or non-real estate based. After deployment, TMF’s staff provides asset management services to each project during the seven year compliance period.