WASHINGTON -- Sen. John F. Kerry (D-Mass.), Ranking Member of the Committee on Small Business and Entrepreneurship, today sent his congratulations to five Massachusetts organizations receiving $270 million in economic development tax credits to increase investment in low-income, high-unemployment communities.
“These tax credits are important tools for economic development organizations to attract investors to areas that have been left behind.” Kerry said. “By dedicating themselves to revitalizing low-income neighborhoods, these organizations will give the communities a much-needed boost. These investments help finance manufacturing equipment, develop and clean up brownfields, and establish child-care centers to support working parents. With this investment comes new opportunities for low-income areas, and, in turn, economic growth, new jobs and a stronger economy.”
The New Markets Tax Credits (NMTCs) program gives investors tax credits for investing money in Community Development Entities (CDEs), which then use the funds to invest in low-income communities. New Markets are defined as underserved low- and moderate-income inner cities and rural areas.
The Department of the Treasury’s Community Development Financial Institutions (CDFI) Fund awarded 62 organizations around the country a total of $3.5 billion in credits. Of the 62, five went to Massachusetts. The organizations receiving awards are: Massachusetts Housing Investment Corporation, $90,000,000; Boston Community Capital, Inc., $70,000,000; MassDevelopment New Markets LLC, $70,000,000; Rockland Trust Community Development LLC, $30,000,000; and Affirmative New Markets, LLC, $12,000,000.
Senator Kerry has a strong history of supporting New Markets initiatives, a comprehensive economic development package created during the Clinton Administration. In 1999, working with then-President Clinton, Kerry took the lead in the Senate and authored a bill to create the SBA’s New Markets Venture Capital and BusinessLINC initiatives. Both of these initiatives became law in 2000. Since that time, Kerry has worked to reverse repeated attempts by the Bush Administration to eliminate this important assistance to low-income areas. Most recently, John Kerry fought to expand the New Markets program to increase investments in inner-city areas, like New York's East Harlem, and distressed rural areas like parts of Appalachia.
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“These tax credits are important tools for economic development organizations to attract investors to areas that have been left behind.” Kerry said. “By dedicating themselves to revitalizing low-income neighborhoods, these organizations will give the communities a much-needed boost. These investments help finance manufacturing equipment, develop and clean up brownfields, and establish child-care centers to support working parents. With this investment comes new opportunities for low-income areas, and, in turn, economic growth, new jobs and a stronger economy.”
The New Markets Tax Credits (NMTCs) program gives investors tax credits for investing money in Community Development Entities (CDEs), which then use the funds to invest in low-income communities. New Markets are defined as underserved low- and moderate-income inner cities and rural areas.
The Department of the Treasury’s Community Development Financial Institutions (CDFI) Fund awarded 62 organizations around the country a total of $3.5 billion in credits. Of the 62, five went to Massachusetts. The organizations receiving awards are: Massachusetts Housing Investment Corporation, $90,000,000; Boston Community Capital, Inc., $70,000,000; MassDevelopment New Markets LLC, $70,000,000; Rockland Trust Community Development LLC, $30,000,000; and Affirmative New Markets, LLC, $12,000,000.
Senator Kerry has a strong history of supporting New Markets initiatives, a comprehensive economic development package created during the Clinton Administration. In 1999, working with then-President Clinton, Kerry took the lead in the Senate and authored a bill to create the SBA’s New Markets Venture Capital and BusinessLINC initiatives. Both of these initiatives became law in 2000. Since that time, Kerry has worked to reverse repeated attempts by the Bush Administration to eliminate this important assistance to low-income areas. Most recently, John Kerry fought to expand the New Markets program to increase investments in inner-city areas, like New York's East Harlem, and distressed rural areas like parts of Appalachia.
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