How a $75 million federal investment is driving education, healthcare, and long-term economic mobility

Access to capital remains one of the most powerful drivers of long-term wealth creation and economic stability. This month, City First Bank announced it has been awarded a $75 million New Markets Tax Credit (NMTC) allocation from the Community Development Financial Institutions Fund (CDFI Fund)—a significant infusion of federal investment aimed at accelerating economic growth in underinvested communities across the United States.

The New Markets Tax Credit program is designed to channel private capital into projects that traditional financing often overlooks. For City First Bank, the latest allocation builds on a proven track record. Since the program’s inception, the bank has deployed $548 million in NMTC financing, supporting 54 projects focused primarily on education and healthcare infrastructure—two sectors closely tied to upward economic mobility and long-term community wealth.

“This allocation is catalytic,” said Brian Argrett, President and CEO of City First Bank. “It enables us to partner with mission-driven organizations and deliver capital where it can create durable, generational impact.”

Capital as a Tool for Economic Mobility

From a finance and wealth perspective, NMTC allocations represent more than community investment—they are a strategic mechanism for reducing systemic capital gaps. By supporting schools, healthcare facilities, and nonprofit institutions in low-income areas, these investments help stabilize neighborhoods, attract additional private funding, and expand access to essential services that underpin workforce participation and small business growth.
City First Bank’s approach reflects a growing shift within values-driven banking: deploying structured capital to unlock long-term economic returns that extend beyond quarterly profit metrics.

Strengthening Governance and Oversight

As part of its continued expansion, City First Bank also announced new appointments to its NMTC Advisory Council, reinforcing its commitment to disciplined investment and community-centered strategy:

• Desmond Marshall, a Chicago-based community development leader with extensive experience scaling mission-driven organizations
• Dr. Marla Dean, a Washington, D.C.–based nonprofit strategist with deep expertise in education and next-generation economic mobility models

Their additions bring increased oversight and sector-specific insight at a time when demand for impact-focused capital continues to rise.

The Bigger Picture for Finance and Wealth

For financial institutions, investors, and policymakers, the latest NMTC allocation highlights how federal tools—when paired with experienced community lenders—can serve as catalysts for inclusive growth. As conversations around equitable finance and access to capital evolve, programs like NMTC remain central to expanding opportunity in communities historically left outside traditional banking systems.

About City First Bank

City First Bank provides commercial lending, financial services, and deposit products that support affordable housing, small businesses, and nonprofit community facilities in underinvested neighborhoods. The bank is a Community Development Financial Institution (CDFI), a Certified B Corporation, and a member of the Global Alliance for Banking on Values.
Member FDIC | Equal Housing Lender

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