Sens. Warren & Markey Applaud $138 Million in New Markets Tax Credits to Help Low-Income Communities in MA
WASHINGTON, DC - United States Senators Elizabeth Warren and Edward J. Markey today applauded the announcement of $138,000,000 in New Markets Tax Credit (NMTC) awards to Community Development Entities (CDEs) in Massachusetts. Boston Community Capital Inc., Massachusetts Housing Investment Corporation NE New Markets CDE II LLC, and AL Wainwright LLC will receive the tax credit allocation authority through the U.S. Department of the Treasury's Community Development Financial Institutions Fund (CDFI Fund).
"These tax credit awards will help support economic development and revitalize our neighborhoods," said Senator Warren. "I'm very pleased several Massachusetts organizations are receiving NMTC awards this year. The funding secured through this program will directly benefit working families and small businesses in communities across the Commonwealth."
"These tax credit awards are a good news for an a great investment in communities that house some of our most exciting small businesses and economic development projects," said Senator Markey. "The Massachusetts organizations receiving NMTC awards will be in a position to support workers, families and neighborhoods across the state."
The NMTC program authorizes CDEs to allocate tax credits to private investors in exchange for equity in the CDE, to help encourage investment in low-income communities. Boston Community Capital will receive $40 million in tax credit award authority, Massachusetts Housing Investment Corporation will receive $60 million, and Al Wainwright LLC will receive $38 million though the NMTC program this year. More information about the CFDI's NMTC awards is available here.