Fwd: Community Revitalization Efforts Receive $3.5 Billion in Tax Credits

---------- Forwarded message ----------
From: U.S. Department of the Treasury <subscriptions@subscriptions.treas.gov>
Date: Thu, Jun 12, 2014 at 11:10 AM
Subject: Community Revitalization Efforts Receive $3.5 Billion in Tax Credits
To: iammejtm@gmail.com

Having trouble viewing this email? View it as a Web page. You are subscribed to Blog - "Treasury Notes" for U.S. Department of the Treasury. This information has recently been updated, and is now available.   Community Revitalization Efforts Receive $3.5 Billion in Tax Credits Community investment is at the forefront of our nation's economic recovery. The Treasury Department last week awarded the 11th round of tax credit allocation authority to 87 organizations through the New Markets Tax Credit Program to help communities reach their economic development goals. These organizations are headquartered in 32 different states and the District of Columbia, and they serve low-income rural and urban communities across the country.      The New Markets Tax Credit Program attracts private-sector capital into some of the most economically distressed and underserved communities. In its fourteen year history it has created or retained an estimated 561,873 jobs. It has also supported the construction of 22 million square feet of manufacturing space, 71.8 million square feet of office space, and 55.2 million square feet of retail space. For every $1 invested by the federal government, the New Markets Tax Credit Program generates over $8 of private investment. To date, Treasury has made 836 allocation awards totaling $40 billion in tax credit authority.    Some examples of projects financed by past recipients include:   In Washington, DC, a community health center and school received a $19.6 million investment that was made possible by New Markets Tax Credits through City First Bank of DC. Mary's Center used these funds to expand its services, and opened the doors of the new state of-the-art facility in 2011. It offers residents a diverse range of services including, medical and dental services, social services, teen programing, and the Briya Public Charter School. (photo credit: Mary's Center) A business incubator in Greensboro, North Carolina, the Nussbaum Center for Entrepreneurship, received $11.5 million in New Markets Tax Credits from Stonehenge Community Development, LLC and Wells Fargo Community Lending & Investment. The tax credits complement a $200,000 grant from the Golden Leaf Foundation and a $1.2 million loan from the City of Greensboro.  These funds supported Nussbaum's continued operations and its move to a new location when it was unable to receive traditional credit considerations. The center is home to 47 businesses.  In San Francisco, the Low Income Investment Fund and Bank of America partnered on a $22.5 million New Markets Tax Credit transaction to build a new site for the St. Anthony's Dining Room, the largest provider of free meals for lower-income families and the homeless in the city. The new building will expand their dining room capacity and provide improved space for their clothing distribution center, food pantry, and other services. St. Anthony's provides one million free meals annually.   Given successes like these, Treasury is committed to advancing the New Markets Tax Credit Program and extending its strong track record of spurring local efforts to revitalize communities. For more information about the New Markets Tax Credit Program, please view the Fact Sheet or visit Treasury's Community Development Financial Institutions Fund's website at www.cdfifund.gov/nmtc.  ​ Amias Gerety is Acting Assistant Secretary for Financial Institutions at the U.S. Department of the Treasury.     Questions? Contact Us   STAY CONNECTED:   SUBSCRIBER SERVICES: Manage Preferences  |  Unsubscribe  |  Help This email was sent to iammejtm@gmail.com using GovDelivery, on behalf of: U.S. Department of the Treasury · 1500 Pennsylvania Ave NW · Washington, DC 20220 · 202-622-2000

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Jeremy Tobias Matthews