The CDFI Fund of the U.S. Treasury has announced more than $3.5 billion in New Markets Tax Credit awards aimed at encouraging investment and economic growth in low-income urban and rural communities. A total of 76 organizations, including City First Bank of DC and Central Bank of Kansas City will receive tax credit allocation authority. The New Markets Tax Credit Program allows individual and corporate taxpayers to receive a non-refundable tax credit against federal income taxes for making equity investments in Community Development Entities. The program is estimated to have created almost 600,000 new jobs and supported the construction of more than 160 million square feet of retail, manufacturing and office space since its inception.