Three New Orleans organizations and one from Baton Rouge have been awarded $220 million in federal New Markets Tax Credits, money aimed at stimulating growth in low-income urban areas and rural communities.
The U.S. Treasury Department’s Community Development Financial Institutions Fund made more than $3.5 billion in awards nationwide.
The New Orleans groups and their credits are:
- AMCREF Community Capital LLC, $75 million
- Capital One Community Renewal Fund LLC, $55 million
- Enhanced Community Development LLC, $65 million
In Baton Rouge, Stonehenge Community Development LLC was awarded $25 million in tax credits.
“Every community deserves a chance to succeed, and the New Markets Tax Credit Program is an economic development tool that spurs growth and breathes new life into neglected, underserved low-income communities,” said U.S. Treasury Secretary Jacob J. Lew.
The tax credits will go to community development organizations that will make much-needed, private-sector investments in businesses and real estate projects in distressed urban and rural communities, Lew said. Jobs, vital services, and opportunities will accompany those investments.