US Treasury Announce $5 Billion in Tax Credit For Low Income
Treasurer Chief Malerba
said that 107 organisations across the country were chosen to receive NMTC allocation rewards through the NMTC Program's calendar year (CY) 2021 round.
Treasury announced the first New Markets Tax Credit grants 20 years ago. Since then, the credit has been crucial to many economic development measures, said Chief Malerba.
This initiative has produced or preserved hundreds of thousands of employment and boosted low-income areas across the country.
In order for these investments to be maintained, Congress needs to make the New Markets Tax Credit Program permanent.
Previous NMTC awards financed the $45 million renovation that built the new public market building and a block-long public plaza.
107 Community Development Entities were chosen from 199 applicants who requested $14.7 billion in tax credits. The awardees are from 35 states and District of Columbia..
With today's news, the total amount given out by the NMTC Program now stands at more than $71 billion.
In the past, for every dollar the federal government put into the NMTC Program, $8 came from private investors.
By the end of the fiscal year 2021, NMTC Program award winners will have put more than $62.9 billion into low-income businesses and neighbourhoods.