Aries Entity Gets Tax Credit Allocation

CHICAGO-Urban Development Fund LLC, an affiliate of Aries Capital, has received an allocation totaling $35 million under the New Markets Tax Credit program for use in the recovery and redevelopment of low-income communities across the US. This is the organization’s sixth NMTC award, bringing the total allocation dollars received to-date to $292.5 million.

Neil D. Freeman, president of UDF points out that “The most recent NMTC allocation is a direct testament to the dedication of the team at UDF.” He adds that “UDF is committed to researching redevelopment projects that will provide a significant economic impact to their communities such as the St. Charles Hilton in New Orleans, La Gran Plaza in Ft. Worth, and Roseland Medical Center in Chicago.”