CHICAGO—IFF, a Chicago-based nonprofit lender and real estate consultant, just received a $43 million New Markets Tax Credit allocation, its largest allocation ever and its third since the federal program kicked off the more than a decade ago.
This year, the US Treasury Department awarded a total of $3.5 billion in tax credits to 87 organizations across the country. The program was designed to attract investment to low-income communities by allowing investors to receive a federal tax credit for making equity investments in Community Development Entities such as IFF.
The new allocation “will go to multiple projects,” Tanya Vartivarian, IFF's senior director for structured finance, tells GlobeSt.com. “We have been vetting a variety of projects in our pipeline,” and will choose which ones benefit from these credits by the end of the year. IFF will give special weight to developments that advance its mission to create jobs, promote healthcare access, eliminate “food deserts,” or bring educational opportunities through charter schools, among other goals.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 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.