City First Bank has been awarded a $75 million New Markets Tax Credit (NMTC) allocation by the U.S. Department of the Treasury’s CDFI Fund. This latest award brings the bank’s total historical deployment to over $623 million, reinforcing its position as a primary engine for community revitalization in the United States.
Driving Economic Mobility
I’m seeing a very specific focus in the bank’s strategy for this new round of funding. While NMTCs are often used for general real estate, City First is doubling down on “critical pillars” for long-term growth:
- Education: Funding for charter schools and vocational training facilities in low-income census tracts.
- Healthcare: Expanding community health clinics and specialty care centers in underinvested areas.
- Nonprofit Infrastructure: Supporting mission-driven organizations that lack access to traditional commercial capital.
New Leadership for Strategic Growth
To oversee the deployment of these funds, City First has expanded its NMTC Advisory Council. I’m tracking two key appointments that signal a move toward deeper urban and nonprofit strategy:
- Desmond Marshall: A Chicago-based leader specializing in growing mission-driven organizations.
- Dr. Marla Dean: A D.C.-based strategist focused on education and next-generation economic mobility models.
By the Numbers: City First’s NMTC Legacy
| Metric | Achievement |
| New Allocation | $75 Million |
| Total Deployed to Date | $548 Million |
| Transformative Projects Funded | 54 |
| Target Sectors | Healthcare, Education, Small Business |
Why the NMTC Program Matters
The New Markets Tax Credit program is designed to break the cycle of disinvestment. By providing tax credits to private investors in exchange for making equity investments in “Community Development Entities” (like City First), the program lowers the cost of capital for projects that would otherwise be deemed too risky for traditional banks.
“This NMTC allocation is catalytic. It enables us to partner with mission-driven organizations and deliver resources that create a lasting impact where investment is needed most.” — Brian Argrett, President and CEO of City First Bank
Editorial Disclosure: This report is for informational purposes only. It is based on a press release from Broadway Financial Corporation (the parent company of City First Bank) dated February 26, 2026. This content does not constitute financial, investment, or legal advice. City First Bank is a Community Development Financial Institution (CDFI) and a Certified B Corp. Please read our full Disclaimer.
