Search
 

Brick City Development Receives Treasury Designation

NEWARK-The designation as a Community Development Financial Institution by the US Department of Treasury Community Development Financial Institutions Fund should expand the BCDC’s credit, capital and financial capabilities.

By Debra Hazel | Updated on January 05, 2012

NEWARK-Newark’s economic development engine, Brick City Development Corp., has been certified by the US Department of Treasury Community Development Financial Institutions Fund as a Community Development Financial Institution. The CDFI designation will give BCDC access to $2.5 million in additional monies from the Federal government and even more credibility with large institutions as it tries to finance major redevelopments, BCDC CEO Lyneir Richardson tells GlobeSt.com. Such a designation remains an uncommon achievement for cities, economic development expert Jeffrey A. Finkle tells GlobeSt.com.

“This allows us to access capital from the federal government” to finance projects, including some that might be considered slightly riskier, Richardson tells GlobeSt.com. “Typically, you go to the big banks and say, “We got this from the Feds. Can you match it?”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.