Fifth Third Bancorp has received an $85 million New Markets Tax Credits (NMTC) award from the U.S. Department of the Treasury’s Community Development Financial Institutions Fund. This is the bank’s second NMTC allocation in 15 months, following a $50 million award in September 2024. The funding will be used to accelerate investment in economically distressed communities, supporting projects such as affordable housing, healthcare and community facilities, small business growth, workforce development, and financial education. Fifth Third noted that NMTCs help attract significant private capital and are a core part of its place-based community development strategy.

Source: Business Wire