Central Bank of Kansas City receives $30 million in New Markets Tax Credits from the CDFI Fund Marks 10th Time as Allocatee

Abby Hoover
Managing Editor


Central Bank of Kansas City announced its successful application and allocation of $30 million in New Markets Tax Credits (NMTC) from the U.S. Department of the Treasury’s Community Development Financial Institutions (CDFI) Fund.


The award, announced by the CDFI Fund on the first of September, marks the 10th successful NMTC award for the bank’s subsidiary, CBKC CDC, LLC (CBKC), with a total of $486 million in allocation since its first award in 2007. The NMTC program allows CBKC to direct capital to underserved communities through financing high-impact, mission-focused projects.


“We are proud that the CDFI Fund continues to value the work we’re committed to achieving for low-income communities in Missouri, Kansas and Illinois,” said Steve Giles, President and CEO of CBKC. “NMTC has proven to be one of the most effective tools to make critical community development projects successful, to help achieve our mission, and to improve communities and the lives of residents in the areas we serve.”


CBKC has been in business since 1951, celebrating 70 years in 2021. The bank has been certified as a CDFI since 1998 by the US Treasury Department, and was the first Kansas City-based Community Development Entity (CDE) to receive an allocation of NMTC. It has utilized the allocations to finance projects creating and retaining over 13,000 full-time jobs while supporting community services including healthcare, childcare, education and access to fresh, healthy food throughout low-income communities in its service area.


The New Markets Tax Credit program was enacted in 2000 in an effort to stimulate private investment and economic growth in low-income urban neighborhoods and rural communities that lack access to the patient capital needed to support and grow businesses, create jobs and sustain healthy local economies. The NMTC is a 39% federal tax credit, taken over seven years, on investments made in economically distressed communities.


Since the inception of the NMTC program, CBKC has closed financing for over 60 projects with total project costs exceeding $1.4 billion. CBKC, through its affiliate subsidiary CDEs, has deployed over $400 million of NMTC allocation into Illinois, Missouri and Kansas-based communities.


CBKC is one of 100 allocatees for the 2020 round of NMTC allocation, and the only allocatee based in Kansas City. This is the 10th successful NMTC award for CBKC.


Central Bank of Kansas City is located at 2301 Independence Avenue, and found at centralbankkc.com.

Want Northeast News articles sent straight to your inbox each week? Subscribe below!
Enter your email address and click on the Get Instant Access button.
We respect your privacy

Comments are closed.

  • KCPD, partners to host Health Fair Saturday

    May 19th, 2022
    by

    The Kansas City Police Department will host a Health Fair this Saturday at East Patrol Division, 2640 Prospect Ave., in […]


    MO County Clerk: Look Up Your New District Before Election Time

    May 18th, 2022
    by

    Lily Bohlke, Missouri News Service With congressional voting district maps finally in place in Missouri, county clerks are working to educate voters […]


    Westlake Ace Hardware Career Opportunities

    May 18th, 2022
    by

    Ace Retail Holdings is a division of Ace Hardware Corporation that owns and operates the Westlake Ace Hardware chain of […]


    KCDC students wrap up Kessler Reservoir design study

    May 18th, 2022
    by

    On Thursday, May 12, the Kansas City Design Center (KCDC) hosted the final open house and celebration for the Kessler […]


    Kansas City’s Most Wanted

    May 18th, 2022
    by

    KC Crime Stoppers has partnered with The Northeast News to help track individuals in Northeast KC on the Kansas City’s […]


    Classifieds

    May 18th, 2022
    by

    101 Contractors & BuildersMARK’S REMODELINGROOFING, SIDING, DOORSWINDOWS, PLUMBINGSHEETROCK, ELECTRICAL NO JOB TOO SMALL816-537-3193 103 Lawn Care HANDY SAM’SLAWN SERVICE PLUSMOWING, WEED […]


    Community Calendar

    May 18th, 2022
    by

    FRIDAY, MAY 20 – Join us for the first ever Bosco Block Party! Kick off this summer with food, booze, games, […]


    Public parks in Northeast bustling with community events on the weekend

    May 18th, 2022
    by

    Budd Park Mattie Rhodes Center hosted a Block Party in Budd Park Saturday afternoon. “The general purpose is to get […]


  • Hope Faith mourns homeless homicide victims

    May 18th, 2022
    by

    By Abby Hoover On Friday, Hope Faith Homeless Assistance Campus hosted a vigil honoring the lives of two unhoused neighbors, […]


    Cliff Drive conservation continues

    May 18th, 2022
    by

    By Dorri Partain As cyclists, joggers and dog walkers passed by, volunteers were hard at work clearing areas along the […]


    Two Alarm Dumpster Fire clears N. Indiana Apartment

    May 11th, 2022
    by

    Fire broke out this evening in an unattended trash dumpster behind an apartment building at 100 block of N. Indiana. […]


    Sen. Washington’s Urban Farms Tax Credit passes Missouri General Assembly

    May 11th, 2022
    by

    JEFFERSON CITY —  Legislation championed by State Sen. Barbara Anne Washington, D-Kansas City, creating a tax credit for urban farms won […]


    Missouri health officials, pediatricians ask parents to use caution as nationwide infant formula shortages continue

    May 11th, 2022
    by

    JEFFERSON CITY, MO – As the nationwide infant formula shortage continues to affect parents and caregivers, state health officials and […]


    Community Outreach Programs brought to you by Jerusalem Farm

    May 11th, 2022
    by

    In 2020, Jerusalem Farm helped coordinate the largest survey of the Historic Northeast. We are continuing that project, and we […]


    Make money with CSL Plasma

    May 11th, 2022
    by

    Donating plasma at CSL Plasma at 6000 Independence Avenue not only pays you but also pays huge benefits in terms […]


    Remembering Nathan Lickteig

    May 11th, 2022
    by

    Nathan Lickteig was born on February 21, 1980 in Kansas City, Missouri. He lived in Kansas City his whole life […]


    Community Calendar

    May 11th, 2022
    by

    THURSDAY, MAY 12 – Kansas City Design Center invites you to the final open house for the Kessler Park Water […]


    Local partners help kids learn in creative ways

    May 11th, 2022
    by

    By Abby Hoover Children and families in the Historic Northeast and surrounding areas can explore flight, learn about animal husbandry, […]


    Our Redeemer Lutheran Church celebrates 100 years

    May 11th, 2022
    by

    By Abby Hoover Our Redeemer Lutheran Church at 711 Benton Blvd. will celebrate a century of worship and service in […]


    VFW volunteers help build Habitat homes in Lykins

    May 11th, 2022
    by

    By Abby Hoover The inaugural National Veterans of Foreign Wars (VFW) Day of Service brought volunteers to two new construction […]


  • Want articles sent directly to your inbox each week? Subscribe below!
    We respect your privacy and will not distribute your information.