Lowe Affiliate Places $31M in Tax Credits

LOS ANGELES-Lowe Economic Development Co., an affiliate of Los Angeles-based Lowe Enterprises, has placed $31 million in New Markets Tax Credits (NMTC) for three developments, two of them in San Diego and one in Oregon. The tax credit amounts were $11.25 million for Liberty Station and $13 million for a medical office and primary care facility, both in San Diego; and $6.75 million for Portland Development Commission’s renovation of the former Globe Hotel.

J. Alberto Lemus, senior vice president of Lowe Enterprises, said in an announcement regarding the tax credits: “We reviewed numerous projects and after careful analysis selected these three. They are of the size and scope that will provide much needed services, new construction and permanent jobs, and lasting benefits for these communities.” All of the projects are in qualified communities as identified by the Community Development Financial Institutions Fund, a division of the US Treasury that administers the NMTC program.