Enhanced Community Development Awarded $35 Million in New Markets Tax Credit Allocation from U.S. Treasury Department
NEW ORLEANS, July 16, 2020 /PRNewswire/ -- Enhanced Community Development, a subsidiary of Enhanced Capital, announced that it has been awarded $35 million in New Markets Tax Credits (NMTC) allocation. This award marks the eighth time Enhanced Community Development has been awarded federal New Markets Tax Credits. Including this most recent round, Enhanced Community Development has received a total of $390 million in federal NMTC allocation.
The U.S. Treasury Department's Community Development Financial Institutions (CDFI) Fund announced the allocation to Enhanced as part of $3.5 billion award to 76 organizations throughout the country this year.
The NMTC program, first enacted in 2000, helps create jobs and stimulate economic growth in low-income areas by providing tax credits that attract private investment into qualified businesses and developments.
As a national impact investor, Enhanced Capital is committed to putting its allocation award to work quickly to support the businesses and organizations that are making a difference in low-income communities across the country. The timing of this award is even more important as communities continue to deal with the economic impacts of the COVID-19 pandemic.
"As a company, our mission is to make communities stronger by investing into businesses, organizations, and projects that create jobs and positive economic impact," said Richard Montgomery, a Managing Partner at Enhanced Capital. "After Hurricanes Katrina and Rita and the Great Recession, Enhanced Capital stood ready, as we do today in the midst of another economic downturn, to support catalytic development in the communities that need it most."
"Low-income communities have been particularly hard hit by the COVID-19 pandemic, and we will quickly seek opportunities to support those communities with this New Markets allocation," stated Shane McCarthy, also a Managing Partner at Enhanced Capital. "We take seriously our responsibility to help create greater economic equity in places that have been looked over and marginalized."
The NMTC program helps economically distressed communities attract private investment and fill financing gaps by enabling investors to make more impactful investments than they otherwise could, creating jobs and additional economic opportunities in the process.
For more than 20 years, Enhanced Capital has partnered with public and private sector stakeholders to deploy capital that has lasting benefits for low-income communities and catalyzes additional economic activity. The company's 20th anniversary report highlights the $3 billion in total financing across 600 projects and businesses in 36 states that Enhanced has made in the last two decades.
About Enhanced Community Development:
Enhanced Community Development (ECD), a subsidiary of Enhanced Capital, is a federally designated Community Development Entity focused on the financing needs of businesses and developments located in or serving low-income communities. ECD proudly participates in the federal New Markets Tax Credit (NMTC) program and a variety of state NMTC programs. ECD is an Equal Opportunity Provider.
About Enhanced Capital:
Enhanced Capital is committed to unlocking value for private investors seeking returns through socially responsible public investment initiatives. At the forefront of aligning private sector resources with public policy goals, we transform local economies to the benefit of both investors and community stakeholders by financing local businesses, solar energy projects, and historic building restorations.
Disclaimer:
The information provided in this press release about Enhanced Capital is for general purposes only. It is not intended to be an advertisement concerning investment advisory services, nor does it represent a recommendation or offer of any particular security, strategy, or investment. Enhanced Capital is a registered investment adviser with the SEC, which does not indicate a certain level of skill, training, or endorsement by the SEC.
SOURCE Enhanced Capital
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