U.S. Trea­sury an­nounces New Mar­kets Tax Cred­its

Baltimore Sun - - COLLEGE FOOTBALL - — Natalie Sher­man

Fi­nanc­ing en­ti­ties in the Bal­ti­more re­gion re­ceived about $275 mil­lion in fed­eral tax cred­its for com­mu­nity de­vel­op­ment projects around the coun­try, the U.S. Trea­sury De­part­ment re­cently an­nounced.

The awards were part of $7 bil­lion in New Mar­kets Tax Cred­its al­lo­cated to 120 com­mu­nity de­vel­op­ment en­ti­ties around the coun­try.

The pro­gram’s goal is to en­tice in­vestors to par­tic­i­pate in projects in dis­tressed or low in­come com­mu­ni­ties by of­fer­ing in­vestors a tax credit, claimed over seven years, that is worth 39 per­cent of the equity they in­vest in a project.

ESIC New Mar­kets Part­ners, a sub­sidiary of Columbia-based En­ter­prise Com­mu­nity In­vest­ment, and Ur­ban Re­search Park CDE, an af­fil­i­ate of Hunt Val­ley’s Townsend Cap­i­tal, each re­ceived $80 mil­lion in cred­its.

Bal­ti­more’s Har­bor Bankshares Corp. re­ceived $70 mil­lion and Ur­ban Ac­tion Com­mu­nity De­vel­op­ment, an af­fil­i­ate of Cross Street Part­ners, re­ceived $45 mil­lion.

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