NCIF received a $38 million allocation of New Markets Tax Credits (NMTC) during Round II of the NMTC Program. This was invested to promote Rutgers University’s new Business School in Newark, New Jersey. Partners in the transaction included:

• Rutgers University


• City National Bank of New Jersey - NCIF investee and the only African American Bank headquartered in Newark


• New Jersey Community Capital


• PNC Bank

NCIF continues to seek allocations to invest in low to moderate income communities through CDFI banks and thrifts. NCIF is on the Board of the New Markets Tax Credit Coalition