Semaphore is the controlling entity of Pacesetter CDE, Inc (Pacesetter CDE) Since 2008, Pacesetter has been committed to providing economic opportunity and sustainable benefit to low and moderate income neighborhoods across America. Pacesetter CDE has invested $211 Million across 28 projects through the Federal NMTC Program under the CDFI Fund, and an additional $85 Million in 22 additional projects through various State NMTC Programs. More information is available about each of our Federal Allocations and projects, as well as our State NMTC projects. For a complete breakdown please navigate through the Federal Allocations or State Allocations