LISC is awarded $70M in New Markets Tax CreditsLeave a Comment
Yesterday, June 15, 2015, our national partner, Local Initiatives Support Corporation (LISC) was awarded $70 million in New Markets Tax Credits (NMTC) to improve quality of life in low-income areas. As part of a $3.5 billion tax credit allocation from the U.S. Treasury, LISC was chosen to administer $70 million in NMTC, which will help spur economic development. LISC is among the top awardees under this federal program, and will use the investment authority to encourage private investors to put capital into markets that would otherwise seem too risky.
LISC will use its $70 million allocation to connect investors with commercial developments that create jobs and boost the local economy in neighborhood battered by poverty and crime. Past LISC NMTC projects have run the gamut from a new health center on the East Side of St. Paul, to a state-of-the-art library and community center in the small city of Petersburg, Va., to the building of a charter school in Harlem.
Join us in congratulating LISC on receiving this award! Read the full press release here.
“This program could not be more important to disadvantaged communities,” said Michael Rubinger, LISC president and CEO. “It encourages the private market to lend and invest in places that would otherwise seem too risky. And, it has a broad effect, sparking new opportunities and bringing new goods and services to people who need them.”