Treasury Dept. announces New Markets Tax Credit awards
Financing entities in the Baltimore region received about $275 million in federal tax credits for community development projects around the country, the U.S. Treasury Department recently announced.
The awards were part of $7 billion in New Markets Tax Credits allocated to 120 community development entities around the country.
The program’s goal is to entice investors to participate in projects in distressed or low income communities by offering investors a tax credit, claimed over seven years, that is worth 39 percent of the equity they invest in a project.
ESIC New Markets Partners, a subsidiary of Columbia-based Enterprise Community Investment, and Urban Research Park CDE, an affiliate of Hunt Valley’s Townsend Capital, each received $80 million in credits.
Baltimore’s Harbor Bankshares Corp. received $70 million and Urban Action Community Development, an affiliate of Cross Street Partners, received $45 million.