Building America CDE Awarded $70 Million in New Markets Tax Credit

January 12, 2026

Building America CDE, a subsidiary of the AFL-CIO Housing Investment Trust, is excited to share that it has been awarded $70 million in New Markets Tax Credit (NMTC) allocation by the U.S. Department of the Treasury’s Community Development Financial Institutions Fund as part of the combined 2024–2025 NMTC application round.

This historic round, the largest in the program’s history, awarded $10 billion in NMTC allocations nationwide, which will fuel economic growth, leverage private sector investment, and accelerate job creation in economically distressed communities across the country.

Since inception, Building America has deployed $280 million in NMTCs across 33 projects, supporting more than $1.4 billion in total development. These investments have financed critical community facilities in healthcare and education, as well as housing, manufacturing, and workforce development initiatives, while creating over 5,600 union construction jobs and 9,300 permanent jobs in underserved communities.

We are deeply grateful to the U.S. Department of the Treasury, the CDFI Fund, Congress, and our dedicated partners for their continued commitment to the NMTC program—and for helping ensure capital reaches the communities and workers who need it most.

Join us in San Diego at the Novogradac Conference to build on this momentum and finance projects that deliver meaningful, long-lasting community impact.

About Building America: Building America CDE, Inc. was established as a subsidiary of the AFL-CIO Housing Investment Trust (HIT) in 2010. The U.S. Treasury Department’s CDFI Fund certified Building America as a Community Development Entity, making it eligible to offer federal New Markets Tax Credits to investors. Building America has been awarded $280 million of these tax credits since 2011. More information is available on Building America’s website, www.buildingamericacde.com.

About the HIT:  The HIT is a fixed-income, investment-grade mutual fund with $7.2 billion in net assets. For 40 years, the HIT has been a leader in putting union and public pension capital to work to produce competitive returns and achieve mission-related collateral objectives. Investors should consider HIT’s investment objectives, risks, and expenses carefully before investing. Investors may view the HIT’s current prospectus, which contains more complete information, on its website at www.aflcio-hit.com and may obtain a copy by calling HIT Investor Relations at 202-331-8055. Investors should read the current prospectus carefully before investing.

 Job and economic impact figures are estimates calculated using IMPLAN, an input-output model, based on HIT and HIT Subsidiary Building America CDE, Inc. project data. The data is current as of March 31, 2025. Economic impact data is in 2024 dollars and all other figures are nominal.