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Stabenow, Levin announce $128M for Community Development
WASHINGTON, D.C., Oct. 29, 2009: U.S. Senators Debbie Stabenow and Carl Levin announced today that three Michigan institutions will receive a total of $128 million in allocation authority under the U.S. Department of Treasury’s New Markets Tax Credit (NMTC) Program.
The NMTC Program encourages investment in economically depressed communities by giving tax credits to those who invest in organizations designed to boost low-income communities. These investments in Community Development Entities (CDEs) must be used to help finance community development projects, stimulate economic growth and create jobs.
“I am pleased that the New Markets Tax Credit Program will help promote investment in some of our state’s communities hardest hit by the economy,” said Stabenow. “The projects funded by the program will restore communities, create jobs, and support Michigan’s emerging sustainable energy industry. These are just a few examples of the steps that our nation is taking to greatly improve the quality of life for all Americans.”
“There is no better time than now to encourage needed investment in Michigan communities, and I am pleased these tax credits are being made available,” Levin said. “Ultimately this will lead to investment in Michigan workers and improve its communities.”
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Location (City/State)
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Awardee
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Institution
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NMTC Allocation
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Detroit, MI
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Detroit Development Ventures, Inc.
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Invest Detroit CDE
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$40,000,000
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Huntington Woods, MI
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Michigan State Housing Development Authority
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Michigan Magnet Fund
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$60,000,000
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Lansing, MI
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Great Lakes Capital Fund Nonprofit Housing Corporation
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CapFund New Markets
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$28,000,000
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More information about the NMTC Program can be found at: http://www.cdfifund.gov/what_we_do/programs_id.asp?programID=5.
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