French Lick Redevelopment Selected to Receive $50 Million in Allocation Authority under the New Markets Tax Credit Program
Washington, DC - October 30, 2009 - (RealEstateRama) – Congressman Baron Hill is pleased to announce that French Lick Redevelopment CDE LCC has been selected to receive $50 million in allocation authority under the 2009 round of the New Markets Tax Credit (NMTC) Program administered by the U.S. Department of Treasury’s Community Development Financial Institutions (CDFI) Fund.
According to a release issued by the Department of Treasury, the NMTC Program permits taxpayers to receive a credit against federal income taxes for making qualified equity investments in investment vehicles known as Community Development Entities (CDEs). These CDEs offer the credits to taxable investors in exchange for stock or a capital interest in the CDE. Substantially all of the qualified equity investment must in turn be used by the CDE to provide investments in low-income communities – investments that will help finance community development projects, stimulate economic growth and create jobs.
French Lick Redevelopment CDE LCC has been selected as one of 99 CDEs that will receive an aggregate total of $5 billion under the 2009 round of the program, including $1.5 billion that was authorized by Congress under the American Recovery and Reinvestment Act.
French Lick Redevelopment CDE serves a seventeen county region in Southern Indiana, which encompasses Orange, Lawrence, Crawford, Sullivan, Knox, Gibson, Daviess, Greene, Ripley, Dearborn, Pike, Warrick, Martin, Perry, Jackson, Washington and Switzerland Counties. The organization seeks to finance businesses in renewable energy, retail, tourism, and other service industries, as well as industrial, manufacturing, transportation and logistics projects. Additionally, French Lick Redevelopment CDE seeks projects that promote the generation of renewable energy, mitigate environmental hazards, and reduce Southern Indiana’s carbon footprint. The CDE provides an aggressive line of debt and equity equivalent loan products that will deliver value to its borrowers and community partners.
In response to this exciting news, Judy Gray, Executive Director of the Orange County Economic Development Partnership stated, “The New Markets Tax Credit Program is a great economic development tool for low-income, rural communities in the 17 counties to provide financial assistance for large commercial projects.”
Hill echoed that sentiment. “This is wonderful news for several counties in Southern Indiana and I congratulate all those who worked so hard on securing these funds. I look forward to seeing the progress made due to the New Markets Tax Credit Program.”
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