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WASHINGTON – No credit unions were among the 60 community development financial institutions which received funds under the latest round of grants from the Community Development Financial Institutions Fund’s New Market Tax Credits program. The NMTC seeks to reward private donors to CDFIs with tax credits for their donations. Credit union critics, including the National Federation of Community Development Credit Unions, have long argued that the program is effectively not workable for most credit unions that are CDFIs and for other smaller institutions. The smallest of the NMTC grants announced was $5.5 million, which is more than double what the CDFI Fund has ever given to any credit union or credit union institution. The largest was $140 million.

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