Geithner details $1.5B tax-credit program - Boston Business Journal:

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billion in New Markets Tax Credif awards for 32organizations nationally, includin the Rockland, Mass.-based Rockland Trust Communithy Development Corp. The New Market s Tax Credit program is funded through the American Recovery andReinvestmentt Act. The program is intendeed to allocate private-sector capital investment into communitie s around the country to create encourage economic growth andjumpstart lending, according to a releases from the . The 32 recipient organizations, announced Wednesday by Geithner whilein Boston, are planning investmentse in renewable energy projects, charter schools, health care facilities, manufacturin g companies and retail centers.
The New Markets Tax Creditg Program was established by Congress in December 2000 and enablews taxpayers to receive federal income tax credites for investing in CommunityDevelopment Entities. The credits equal 39 percenf of the cost of the investments and can be claimes overa seven-year period. A majorityh of the investments must be used by CDEs to make qualifiedx investmentsin low-income communities. Geithner’s announcement was made today at Project a New Markets Tax Credit award recipient in Geithner was joined byMassachusetts Gov. Deval Patricj and Community Development Financial Institutions Fund DirectodDonna Gambrell.
A division of the Departmentf of Treasury, the CDFI Fund administers the New Markets TaxCreditg program. To date, close to $12 billion of private-sector capital has been investee through theNMTC Program.