“This new medical facility is the latest example of how the NMTC program is supporting entrepreneurs and community development projects in the region,” said HOPE CEO Bill Bynum. “Since the program's inception, we have seen the tremendous impact that NMTC funding can have on attracting capital to communities that need it most.

Using some of its tax credit allocation, HOPE said it made two loans for the clinic's development. The NMTC component made the funds available at a significantly reduced rate. One of the loans will be forgiven over a seven-year period, further reducing the cost of the facility.

Congress enacted the federal income tax credit as part of the Community Renewal Tax Relief Act of 2000 to spur new or increased investments into development projects located in low-income communities. Tax credits are awarded by the U.S. Treasury's CDFI Fund on a competitive basis to community development entities.

Since the program's inception, HOPE said it has received tax credit allocations totaling $50 million. The organization said it has leveraged that into more than 70 loans totaling $75 million across Arkansas, Louisiana, Mississippi and Tennessee.

Overall, HOPE said since 1994, its efforts have generated more than $1.6 billion in financing and benefited more than 120,000 individuals in the Delta, Katrina-affected areas, and other distressed communities throughout Arkansas, Louisiana, Mississippi and Tennessee.

The $146 million HOPE Credit Union in Jackson, Miss., serves nearly 27,000 members.