NDC Receives New $63 Million New Markets Tax Credits Award
NEW YORK, Feb. 25, 2011 /PRNewswire/ -- The National Development Council (NDC), one of the nation's leading non-profit community development organizations, has been awarded an allocation of $63 million in New Markets Tax Credits (NMTC) by the U.S. Department of the Treasury Community Development Financial Institutions Fund (CDFI). This latest award will bring the total amount of NDC's New Markets Tax Credits Allocation to $549 million since the program's inception in 2001. NDC received the fourth highest award this year, which places NDC's HEDC New Markets, Inc, in the top 10 percent of NMTC program recipients.
NDC's HEDC New Markets Inc. has used the credits to raise capital for projects in urban and rural low-income communities throughout the country, resulting in private-sector investment of more than $1 billion. Fifty-nine projects in twenty-three states have included manufacturing businesses, industrial parks, neighborhood revitalization commercial development, cultural, recreational, social service and health care facilities, and high tech incubators. Benefits that are flowing to low-income communities through these investments include nearly 5,000 jobs, as well as expanded and improved services, newly-revitalized neighborhoods and growth of local economies.
"NDC is pleased with the news of this award, which will allow us to continue our role in bringing investment to low income communities through the New Markets Tax Credits program," said Ann Vogt, managing director of NDC's Housing and Economic Development Corporation, Inc. "NDC's allocations have helped communities large and small to create jobs that make a crucial difference in their quality of life."
For more on NDC's accomplishments with NMTC allocations, please visit NDC's website.
About the National Development Council
For more than 40 years, the National Development Council (NDC) has worked to create and implement economic and community development strategies that increase the flow of capital, establish finance programs and help to create a professional economic and community development workforce. NDC offers a wide range of services, including development assistance, professional training, small business financing and debt and equity for residential, commercial, public and non-profit facilities projects. NDC's Grow America Fund supports the expansion of eligible small and middle-sized businesses in underserved areas, particularly minority and women-owned businesses, by operating as a community development lender and supporting the creation of jobs. To learn more, please visit www.nationaldevelopmentcouncil.org.
SOURCE National Development Council