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”
Top Posts & Pages
- Spivey named Under 40 Business Person of the Year by the Mississippi Business Journal
- Bids on reworking Interstate 55 stretch are rejected
- JACK WEATHERLY: Finding a house, defending a neighborhood, finding a voice
- Terminal upgrade on indefinite hold at Jackson International Airport
- JACK WEATHERLY: Economic development in these parts is a ‘family’ business
- Report ranks state schools' performance 51st in the nation
- CFPB wants repay ability at center of new payday loan rules
- Two new casinos like the odds on Mississippi Gulf Coast
- Hosemann to launch crowd funding program