The U.S. Department of the Treasury's has announced $3.5 billion in New Markets Tax Credit awards to organizations working to revitalize low-income communities and increase economic opportunity.
Eighty-seven community development entities (CDEs) will receive tax credit allocation authority under the New Markets Tax Credit Program, which allows taxpayers who make equity investments in CDEs to receive a credit against their federal income taxes. Recipients include the , which was awarded $60 million in credits to support the development of small businesses, charter schools, manufacturing facilities, health centers, and entertainment districts in neighborhoods and communities largely abandoned by private investors, and the , which was allocated $43 million to support organizations working to improve and expand primary care services in underserved neighborhoods by providing financing for the construction and modernization of primary care facilities, training that strengthens care delivery, and advocacy to advance policy initiatives that support investment in primary care.
"We have a pipeline of tremendous projects that we are already reviewing," said Kevin Boes, president of , LISC's affiliate for managing the program. "That means we will be able to quickly move new capital into communities to help make them better places to live, work, do business and raise families."