WASHINGTON, D.C. – June 17, 2015 – (RealEstateRama) — U.S. Congressman Pat Tiberi (R-OH), a member of the Ways and Means Committee, today announced that a Central Ohio organization will receive New Markets Tax Credit allocations from the Department of the Treasury Community Development Financial Institutions Fund.
“I congratulate Ohio Community Development Finance Fund on receiving this significant allocations,” said Congressman Tiberi. “The Finance Fund has a proven track record of helping entities in underserved communities create jobs and encourage community investment. I’ve seen first-hand projects funded by New Markets Tax Credits and whether it’s a new recreation center in Muskingum County or grocery stores in urban areas, I know the projects they help facilitate have long-lasting impacts on the community.”
The New Markets Tax Credit was established in 2000 and has proven to be a cost-effective incentive that spurs private investment in low-income rural communities and urban neighborhoods where access to capital is often limited. The New Markets Tax Credit attracts capital by providing private investors with a 39 percent credit against federal income taxes for investments made in some of the most distressed areas in the country.
Ohio Community Development Finance Fund will use its 2014 NMTC Program $55 million allocation to invest in operating businesses and real estate projects in highly distressed areas throughout Ohio and revitalize vacant buildings to provide access to health care, healthy and affordable foods, education, and community facilities.
Congressman Tiberi is a long-time supporter of the New Markets Tax Credit program and introduced a bill earlier this year to make the program permanent. In addition, he has received the Federal Legislator of the Year Award from Novogradac Journal of Tax Credits for his work on New Markets Tax Credit legislation.