Four south Louisiana organizations have received a total of $220 million in federal New Markets Tax Credits, which they plan to invest in small businesses that create quality jobs and in projects that offer education and health care to poor people.
AMCREF Community Capital, Capital One Community Renewal Fund and Enhanced Community Development, all of New Orleans, along with Stonehenge Community Development, of Baton Rouge, were among the 76 organizations nationally to receive the tax credit allocation authority under the current round of the program. All of the groups have received multiple allocations during the tax credit program’s 15-year history.
- AMCREF got the biggest share of credits this year, with a $75 million award. The organization said it will use the money to offer flexible, below-market-rate financing to existing businesses in low-income areas in Louisiana, Mississippi, Alabama, Florida, Georgia, Texas and Tennessee. The financing will be used for a variety of things, including working capital, inventory and equipment financing loans.
Since 2007, AMCREF has received $357.5 million in tax credits.
- Enhanced Community Development received $65 million in tax credits. The organization said it plans to use the money to invest in businesses located in poor communities and on projects in those same neighborhoods that are focused on creating jobs, expanding access to capital for minority-owned companies and providing fresh foods and other services. The predominant states for the services will be Louisiana, Alabama, Florida, Nevada, New York, Nebraska and Oregon.
Enhanced Community Development has received $215 million in new market tax credits since 2006.
- Capital One Community Renewal Fund received $55 million in tax credits. The organization said it will invest in projects that provide quality education, health care, job training and placement, quality jobs and access to healthy food for low-income people in Louisiana, Alabama, Georgia, Texas, Virginia, New York and the District of Columbia.
Since 2006, the fund has received $421 million in new market tax credits.
- Stonehenge Community Development received $25 million in credits. The organization said it will use the award to invest in small businesses and community service nonprofits that have a significant impact on minorities and create quality jobs. The organization mainly serves people in Louisiana, Alabama, Mississippi, Florida, Texas, Tennessee, Utah and Nevada.
Since 2003, Stonehenge has received $625.5 million in credits.
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