News

Minneapolis – U.S. Bancorp Impact Finance and its community development entity, USBCDE, LLC, has been awarded $95 million in New Markets Tax Credit (NMTC) allocation authority by the U.S. Department of Treasury’s Community Development Financial Institutions Fund (CDFI Fund). This marks the 14th allocation received by USBCDE since its first award in 2006.

The award is part of the CDFI Fund’s announcement of $10 billion in allocation authority for the 2024-2025 round – the largest in program history. The NMTC Program stimulates economic growth by making tax credit allocations available to Community Development Entities to attract private-sector investments in distressed areas. It was made a permanent part of the U.S. tax code earlier this year, providing long-term certainty for investors and communities.

U.S. Bancorp Impact Finance, the community development financing division of U.S. Bank, has been a leading participant in the NMTC Program since it began in 2000 as both an investor and a community development entity. 

“The New Markets Tax Credit Program drives private investment into distressed communities that lack access to long-term capital,” said Laura Vowell, managing director of Community Finance Solutions for U.S. Bancorp Impact Finance. “We’re proud to continue investing in community assets – like manufacturing facilities, rural hospitals and workforce training centers – that help create jobs, strengthen small businesses and promote economic activity.” 

Since its inception, USBCDE has invested more than $1.018 Billion in 46 states plus Washington, D.C. and Puerto Rico, helping create more than 78,000 jobs and helping community facilities such as schools and health care centers serve 2.38 million additional people.

The USBCDE allocation will support investments in operating businesses and community facilities that deliver jobs, healthcare access, education and other essential services across the country. Recent investments that leverage USBCDE allocations include:

• The acquisition and development of a manufacturing facility in Minneapolis. The investment helped convert an existing 83,000 square-foot industrial building in North Minneapolis into a modern manufacturing facility for building modular residential housing and commercial structures. The new facility is expected to generate more than 300 new jobs and support economic activity in the northside community.
• The development of new multi-use hospitality, community and retail facilities in the Mississippi Delta community of Rosedale. The investment supported the acquisition, renovation, expansion and equipping of four historic buildings and two non-historic buildings. When complete, the development will feature a new distillery, museums, restaurants, retail, office and event space. It will create local jobs, boost economic activity and enhance tourism and hospitality in the region. 
• The construction of a state-of-the-art tribal healthcare center in Hayward, Wisconsin on the La Courte Oreilles reservation. The project replaces an existing facility that is no longer meeting community needs. The new 52,000 square-foot facility offers a comprehensive suite of services, including medical, dental, pharmacy, and imaging, among others. The center’s health and wellness services benefit both tribal members and the greater local community. 

As an investor, U.S. Bancorp Impact Finance has contributed $8.9 billion in New Markets Tax Credit equity across more than 2,100 investments as of Sept. 30, 2025. 

According to the Department of Treasury, over its 25-year history the NMTC Program has supported the construction of:

• 92.6 million square feet of manufacturing space 
• 108.6 million square feet of office space
• 67.1 million square feet of retail space

For every $1 of federal investment, the NMTC Program generates $8 of private investment in communities, according to the department.

To learn more about U.S. Bancorp Impact Finance and its investments in affordable housing, economic development and environmental finance, visit usbank.com/impactfinance.

About U.S. Bancorp 
U.S. Bancorp, with approximately 70,000 employees and $695 billion in assets as of September 30, 2025, is the parent company of U.S. Bank National Association. Headquartered in Minneapolis, the company serves millions of customers locally, nationally and globally through a diversified mix of businesses including consumer banking, business banking, commercial banking, institutional banking, payments and wealth management. U.S. Bancorp has been recognized for its approach to digital innovation, community partnerships and customer service, including being named one of the 2025 World’s Most Ethical Companies and one of Fortune’s most admired superregional banks. Learn more at usbank.com/about.

Media Contact: 
Kaitlyn Dormer 
U.S. Bank Media Relations
kaitlyn.dormer@usbank.com