COLUMBIA, Md., Dec. 17, 2010 /PRNewswire-USNewswire/ -- Enterprise Community Partners, Inc. (Enterprise) today hailed the passage of the Tax Relief, Unemployment Insurance Authorization and Job Creation Act of 2010, expected to be signed into law today by President Barack Obama. It includes a two-year extension (through end of 2011) of the New Markets Tax Credit (NMTC) program.
NMTC is an important community and economic development tool that has raised more than $19 billion in private capital for grocery stores, schools, commercial real estate and other projects in low-income communities and for targeted low-income populations. According to the New Markets Tax Credit Coalition, NMTC has created nearly 400,000 jobs since inception.
"Enterprise commends Congress for coming together at a time of economic uncertainty and high unemployment to create thousands of jobs through the renewal of the New Markets Tax Credit program," said Terri Ludwig, president and CEO-elect of Enterprise.
The legislation also includes a one-year extension of the Gulf Opportunity Zone Low Income Housing Tax Credit Placed-in-Service deadline, although a two-year extension is needed to create or save more than 6,000 affordable homes, over 14,000 related jobs and $1 billion in construction activity. Enterprise is pleased that Sen. Mary Landrieu, D-La., secured a bipartisan commitment from Senate Finance Committee Chairman Max Baucus, D-Mont., and Republican Whip Jon Kyl of Arizona to extend the placed-in-service deadline through 2012 early in the coming Congress.
Enterprise is a leading provider of the development capital and expertise it takes to create decent, affordable homes and rebuild communities. For more than 25 years, Enterprise has introduced neighborhood solutions through public-private partnerships with financial institutions, governments, community organizations and others that share our vision. Enterprise has raised and invested more than $10 billion in equity, grants and loans to help build or preserve more than 270,000 affordable rental and for-sale homes to create vital communities. Visit www.enterprisecommunity.org and www.enterprisecommunity.com to learn more about Enterprise's efforts to build communities and opportunity.
SOURCE Enterprise Community Partners, Inc.