New Markets Tax Credit Announcement Hailed Across the Country
Today the Treasury Department’s blog, “Treasury Notes”, chronicles some of the positive press received by the NMTC in newspapers around the country:
Last week, the Treasury’s Community Development Financial Institutions Fund announced a new $3.5 billion allocation of New Markets Tax Credits to revitalize low-income and distressed communities. Awarded to 85 different community development entities headquartered across 28 states and the District of Columbia, the tax credits allow these organizations to attract private investment capital to underserved communities across America. In the past, every dollar in tax credits has generated an average of eight private investment dollars for projects like manufacturing plants, retail developments, affordable housing and health centers. Perhaps that’s why last week’s announcement was greeted with excitement across the country.