Iowa Community Development Awarded $75 Million
on Wednesday, January 4, 2017
Iowa Community Development
(ICD) has received a $75 million New Markets Tax Credit (NMTC) allocation from the U.S. Department of the Treasury. ICD is a certified Community Development Entity, (intermediary vehicle), for the provision of loans, investments, or financial counseling in low-income communities.
“The CDFI Fund programs, including the New Markets Tax Credit, address the needs and concerns of working Americans and help build an economy that delivers results that they can see,” said Treasury Secretary Jacob J. Lew. “By attracting private business and development to distressed communities, this tax credit spurs economic growth, creates jobs, and brings new services and opportunities where they are most needed.”
The key components necessary for an eligible project include that the investment be located in a low-income census tract, create jobs, and be transformational in nature. To learn more about ICD, successful NMTC projects and program criteria, visit www.iowacommunitydevelopment.com.