Congressman Fattah Announces $65 Million in New Markets Tax Credits to The Reinvestment Fund
The community investment group was awarded $65 million in tax credit allocations to help finance and support investment in low-income areas throughout Philadelphia
Jun 15, 2015, 05:57 ET
WASHINGTON, June 15, 2015 /PRNewswire-USNewswire/ -- Today, Congressman Chaka Fattah (PA-02) announced that The Reinvestment Fund (TRF) in Philadelphia will receive $65,000,000 in New Markets Tax Credit (NMTC) awards to encourage investment in low-income neighborhoods throughout the community. The Reinvestment Fund was one of 76 organizations across the country selected to receive the tax credit allocation authority from the Department of the Treasury.
"The Reinvestment Fund continues to do exemplary work creating opportunities for neighborhood revitalization throughout the Philadelphia community and beyond," Congressman Fattah said. "I am extremely pleased they are recognized as one of the nation's top community investment groups and I am proud to announce this new tax credit allocation from the Treasury Department. As a result of this award, not only will Philadelphia see increased private sector investment, it will create new housing, jobs, and services in some of our region's most distressed neighborhoods."
The Reinvestment Fund marked their 30th anniversary last month in Philadelphia featuring remarks by Congressman Fattah. Since its creation in 1985, the organization has received $499 million in federal funding, including $408 million in New Markets Tax Credits; in turn, TRF has contributed $1.5 billion towards nearly 3,000 community investments.
In a press release, U.S. Treasury Secretary Jacob J. Lew said, "Every community deserves a chance to succeed, and the New Markets Tax Credit Program is an economic development tool that spurs growth and breathes new life into neglected, underserved low-income communities."
Congressman Fattah, who serves as co-chair of the bipartisan Congressional Urban Caucus, has been a vocal advocate of extending the New Markets Tax Credit program. Together with Urban Caucus co-chair Rep. Mike Turner, Fattah is leading a letter to Congress to reauthorize the program. Last week, he was also the keynote speaker at the New Markets Tax Credit Coalition's annual policy conference in Washington where he shared the benefits and impact the program has had on projects across Pennsylvania.
Originally established by Congress in 2000, the NMTC program attracts investment capital to low-income communities by permitting investors to receive a tax credit against their Federal income tax returns in exchange for equity investments in Community Development Entities. For every $1 invested by the federal government, the NMTC program generates more than $8 in private investment.
SOURCE Office of Congressman Chaka Fattah
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