$257 MILLION IN NEW MARKET TAX CREDITS AWARDED TO LOUISIANA'S 2ND CONGRESSIONAL DISTRICT

The Congressional District of Congressman Cedric L. Richmond received the highest amount of awards in the Nation.

WASHINGTON, DC—Today, Congressman Cedric L. Richmond (LA-02) announced that the U.S. Department of the Treasury's Community Development Financial Institutions Fund (CDFI Fund) selected seven organizations headquartered in Louisiana's 2nd Congressional District to receive an aggregate total of $257,000,000 in allocation authority under the calendar year 2010 round of the New Markets Tax Credit Program (NMTC Program). 

The NMTC Program is a powerful vehicle to economically empower America’s underserved and distressed communities. The NMTC Program is a credit against federal income taxes, in return for qualified equity investments in Community Development Entities. These Community Development Entities offer the credits to taxable investors in exchange for stock or a capital interest in the CDE. CDEs must use all of the qualified equity investment to provide investments in low-income communities. These are investments that will help finance community development projects, spur economic growth, and create jobs for the local community.

“Congratulations to all of the awardees! The fact that our community has the highest amount of awards in the entire Nation illustrates that we’re getting it right. The Second Congressional District of Louisiana has the right formula for venture capitalist investment in low income communities. We’re making great investments to rebuild our city and get our neighbors back on the jobs, and it’s working,” said Congress Richmond. “I’ve been a long time supporter of New Market Tax Credits as a way to provide economic empowerment and started the state’s NMTC program. I’ll continue my support of NMTC in Congress.”

"The New Markets Tax Credit continues to be a tool for job-creation and economic revitalization in areas that struggle to attract investment because of poverty, unemployment and a lack of opportunity" said CDFI Fund Director Donna Gambrell. "I am pleased to announce that seven organizations headquartered in Congressman Richmond's district are receiving a total of $257 million in New Markets Tax Credit Award allocations, the most awards of any congressional district in the country.  These organizations have and will continue to demonstrate why this tool has been so effective in making literally thousands of projects possible across Louisiana and the country and give Americans a chance to make a living, to start a business and to build a better future in areas that need it most."

The awardees from the 2nd Congressional District of Louisiana are as follows:

o Advantage Capital Community Development Fund, LLC - $56,000,000
o Whitney New Markets Fund, LLC - $53,000,000
o AMCREF Community Capital, LLC - $42,000,000
o Liberty Financial Services - $35,000,000
o National Cities Fund, LLS - $28,000,000
o First NBC Community Development Fund, LLC - $28,000,000
o Enhanced Community Development, LLC - $15,000,000

More information on these awardees, a full list of all award recipients under this round, and background materials on the NMTC Program can be found at the CDFI Fund’s website (www.cdfifund.gov). 
 

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