On Tuesday, Newsday published a letter to the editor from New Markets Tax Credit Coalition Board Member Bob Davenport, President of the National Development Council. The letter urges inclusion of incentives like the New Markets Tax Credit and Low Income Housing Tax Credit in a Hurricane Sandy relief package. Below is an excerpt:
We should not neglect the substantial assistance needed by the residential, commercial and industrial components of our regional economy — particularly in low-income communities that were struggling before Sandy devastated the region. From small businesses in neighborhood shopping districts to industrial firms employing thousands, and from single-family homes to multifamily rental housing, large gaps exist between the financial resources needed to rebuild and the capital available.