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.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
