LISC awarded $85 million in New Markets Tax Credits to spur economic opportunity in low-income areas
The U.S. Department of Treasury has awarded billions of dollars in investment authority to the Local Initiatives Support Corporation (LISC) and 119 other groups so they can attract private capital for new businesses, community facilities and jobs in deeply distressed areas. LISC will use its $85 million allocation of New Markets Tax Credits (NMTCs) to improve the quality of life in both urban and rural communities, focusing especially on places battered by poverty, poor health, job loss and crime.
“New Markets investments are economic energy,” said Kevin Boes, president of LISC’s New Markets Support Company (NMSC), which manages LISC’s NMTC efforts.
Read the full press release here.