"The Coalition estimates that the latest round, based on analysis of more than 4,000 NMTC projects, will finance 844 businesses and revitalization projects and create some 166,000 jobs for people in communities left behind, adding to the NMTC's long history of success," said Bob Rapoza, spokesman for the NMTC Coalition. "In fact, the NMTC has generated more than $75 billion in total capital investment through public-private partnerships since the first credits were allocated in 2003." In April, Treasury announced it would combine the 2015 and 2016 rounds, for a total of $7 billion in NMTC allocations, allowing the 2016 and future award rounds to be announced in the year in which they are authorized. This action was made possible as a result of the PATH Act, which Congress passed in December 2015, providing for a five-year extension. The legislation provided the single largest and longest investment in the community development program's history. After this combined round, Treasury is authorized to make three additional allocations of $3.5 billion in 2017, 2018, and 2019. The $7 billion in NMTC allocation costs the federal government only $1.88 billion in foregone tax revenue, and thanks to the NMTC's public-private partnership model, low-income communities will receive $14 billion in total capital, including $2.8 billion to rural areas. A key criterion of the program is that all applicants must provide a pipeline of projects that are ready to proceed should they receive NMTC financing. As a result of the low cost, the estimated cost per job for NMTC is less than $11,500. Department of Treasury data shows 75 percent of NMTC activity is in severely distressed rural and urban communities with unemployment rates at least one and a half times the national average, poverty rates of at least 30 percent, or median incomes less than 60 percent of the area median income. Further, since its inception, the credit has led to more than 750,000 jobs. The credit is increasingly being used to bring manufacturing jobs back to America, with a record 30 percent of NMTC financed projects involving the financing of industrial facilities, waste recycling centers, and cutting-edge green-tech businesses in 2015. The credit is also used to finance health centers, child care and community facilities, schools, grocery stores and other businesses identified by communities and local leaders. "As a result of the credit's proven ability to create jobs and move the economic needle in the rural and urban areas where it's been deployed, the NMTC has the support of a strongly bipartisan delegation in Congress," adds Rapoza.