NEW YORK, March 2, 2011 /PRNewswire/ -- BRP CDE, LLC announced today that it has been awarded a $21 million allocation under the federal New Markets Tax Credits 2010 program round. BRP was one of 99 organizations nationwide receiving awards selected from a pool of 250 applicants through a highly competitive process.
The Community Development Financial Institutions (CDFI) Fund Director Donna Gambrell along with Congressman Elijah Cummings made the allocation announcement last week at a job training center in Baltimore, Md.
"We are honored and pleased to have been selected by the CDFI," said Geoff Flournoy, BRP's Board Member. "This award will allow us to revitalize economically distressed urban neighborhoods by investing in projects that stimulate economic development, create new jobs, and inspire private-sector investment."
Created by Congress in 2000, and administered by the U.S. Department of the Treasury's CDFI Fund, the New Markets Tax Credit (NMTC) program is an incentive to encourage private capital investment for the economic revitalization of low-income communities. To date, over $20 billion in private-sector capital has been invested in the NMTC program through certified Community Development Entities (CDEs), like BRP, providing much needed investment capital to low-income communities.
"We are excited to receive this allocation as it helps us continue our efforts in facilitating catalytic investment in distressed communities through the NMTC program," said Steven Smith, BRP's Chief Investment Officer.
About BRP CDE, LLC:
BRP CDE, LLC is a Community Development Entity serving the NY, NJ, & PA metropolitan areas. BRP seeks to stimulate economic development by working with strategic partners, including community development corporations, not-for-profits, and faith-based organizations to finance high impact mixed-use affordable housing, retail, and community facility space in its service area. BRP offers below market rate senior and subordinated loans with flexible terms, development advisory services, and innovative solutions in low-income communities.
SOURCE BRP CDE, LLC