NEW YORK, March 15, 2012 /PRNewswire/ -- BRP CDE, LLC announced today that it has been awarded a $30 million allocation under the federal New Markets Tax Credits 2011 program round. BRP was one of 70 organizations nationwide receiving awards selected from a pool of 314 applicants through a highly competitive process. This is the second award of this kind for BRP, which received its first award of $21 million in the 2010 program round.
U.S. Department of the Treasury's Deputy Secretary Neal Wolin, joined by U.S. Senator Mary Landrieu, U.S. Representative Cedric Richmond, and Community Development Financial Institutions (CDFI) Fund Director Donna J. Gambrell, made the announcement last month in New Orleans at the Federal City Town Center, a retail complex redeveloped with the aid of New Markets Tax Credits.
"We are honored and pleased to have been selected by the CDFI," said Geoff Flournoy, BRP's Board Member. "BRP continues its commitment to strengthening and revitalizing economically distressed urban neighborhoods. With this allocation, we now have even more opportunities to invest 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 $26.05 billion in qualified equity investments have been made into Community Development Entities (CDEs), like BRP, since the NMTC Program's inception.
"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