LOS ANGELES, CA--(Marketwired - Jun 18, 2014) - The U.S. Treasury Department has announced that Los Angeles-based National New Markets Fund, LLC has been awarded a $60 million New Markets Tax Credit (NMTC) allocation to continue financing projects that promote economic development, job creation and positive social and environmental impacts in designated low-income communities.
This is the seventh such allocation for National New Markets Fund, which has been awarded a total of $372 million in NMTCs since 2006, and has helped finance 26 major projects across the U.S. While the Fund invests in such projects nationwide, its focus is on communities throughout the South and Great Lakes region.
"We look forward to using this latest NMTC allocation to continue investing in large-scale projects that transform communities and improve lives," said Deborah La Franchi, co-founder and president of National New Markets Fund, and founder, CEO and president of Los Angeles-based Strategic Development Solutions (one of the Fund's two parent companies). "We have seen how such projects can have a profound impact, and we have exciting opportunities in the pipeline."
The Treasury Department's Community Development Financial Institutions Fund (CDFI Fund) allocated $3.5 billion in New Markets Tax Credits to 87 organizations as part of the latest allocation round. Such credits are invested by Community Development Entities (CDEs) like National New Markets Fund to help make difficult-to-finance projects a reality.
"We are proud to once again be awarded an NMTC allocation that will allow us to continue investing in projects that are difficult to finance yet destined to make a profound impact in low-income communities by creating jobs, wealth, tax base and positive environmental impacts," added Belden Hull Daniels, co-founder and CEO of National New Markets Fund and CEO of Boston-based Economic Innovation International (the Fund's other parent company).
About The New Markets Tax Credit (NMTC) Program The NMTC Program was launched by the U.S. Treasury Department in 2000 to help facilitate difficult-to-finance economic development projects in low-income communities. It serves as a catalyst for private investment in such projects by permitting taxpayers to receive a credit against federal income taxes for equity in investment vehicles known as Community Development Entities (CDEs), which offer the credits to taxable investors in exchange for stock or capital interest. All of the qualified equity investment is used by the CDEs to help fund projects that stimulate growth and create jobs. The NMTC program is administered by the Treasury Department's Community Development Financial Institutions (CDFI) Fund, More information is available at http://www.cdfifund.gov .
About National New Markets Fund National New Markets Fund, LLC invests in projects that foster economic and social development in targeted low-income communities nationwide. The Fund consists of $372 million in New Markets Tax Credit (NMTC) Allocation awarded by the U.S. Department of the Treasury. To date, the Fund has closed financing and provided technical assistance for 26 major projects across the U.S., including nine projects that have earned major awards. National New Markets Fund was launched in 2005 as a partnership between Los Angeles-based Strategic Development Solutions (SDS) and Boston-based Economic Innovation International. SDS was founded in 2001 by Deborah La Franchi and has become a market leader in the creation of Double and Triple Bottom Line private equity and real estate funds. Economic Innovation International, Inc. was founded in 1970 by Belden Hull Daniels and is recognized internationally for building more than $158.2 billion of privately capitalized, innovative institutions that generate wealth and high quality jobs in low-income areas and emerging markets. More information about National New Markets Fund is available at http://www.sdsgroup.com/funds/national-new-markets-fund/nnmf .
CONTACT: Erik Deutsch ExcelPR Group (323) 851-2300x112 erikd[at]excelpr[dot]com
