Two CDEs awarded New Market Tax Credits
Published: February 27,2011
MADISON and JACKSON — U.S. Sen. Thad Cochran (R-Miss.) is welcoming New Markets Tax Credit (NMTC) program allocation awards that will allow two Mississippi organizations to leverage $81 million in tax credit authority into greater private-sector investment for economic and community development in low-income areas of the state.
The U.S. Treasury Department Feb. 24 announced 2010 NMTC allocations of $53 million to SECDE Ventures, LLC, in Madison and $28 million for MuniStrategies, LLC, in Jackson. These tax credit allocations, part of $3.5 billion announced nationwide, are provided through the Treasury Department’s Community Development Financial Institutions Fund (CDFI Fund).
SECED Ventures will focus on “equity and debt product offerings to high-impact, job-creating developments, such as manufacturing, healthcare facilities and major commercial developments that demonstrate the ability to generate sustainable long-term employments,” according to CDFI Fund.
MuniStrategies will use its allocation to offer “below-market rate, subordinated capital with much longer amortization periods to operating businesses, rural ‘green’ renewable energy companies, and mixed-use facilities in low-income communities throughout Mississippi.”
This allocations awarded by the CDFI Fund to CDEs in Mississippi since the program was created through the Community Renewal Tax Relief Act of 2000. As of Dec. 2009, 15 different CDEs have invested $276 million in 60 projects in 23 different Mississippi communities.
To sign up for Mississippi Business Daily Updates, click here.
One Response to “Two CDEs awarded New Market Tax Credits”
Twang & Tourism: The Country Music Trail
FOLLOW THE MBJ ON TWITTERMy Tweets
Top Posts & Pages
- Wasted away — Margaritaville in Biloxi to close by Sept. 19
- WILLOUGHBY: Broadband Voice founder Gary Watts isn’t afraid to take chances
- Severstal selling plants, including Severstal Columbus
- McDaniel alleges GOP race-baiting; says party should be 'purged'
- Two BancorpSouth mergers delayed by federal inquiries
- Mississippi Power conducts successful tests at Kemper plant
- Police find Attorney General Hood's stolen handgun
- Seafood dealer/processor guilty of illegal handling of oysters
- Medical transportation company opening operation/call center
- Pickwick Pines settles lawsuit; pays $260K