James Patchett, president and CEO of NYCEDC
NEW YORK CITY—The US Treasury Department awarded New York City $55 million in New Market Tax Credits to support community-focused economic development.
In 1994, the Community Development Financial Institutions fund was created to expand credit, capital and financial services in distressed areas. This fund administers the New Market Tax Credits, which is a program that provides tax incentives to advance economic development to spur private investments in distressed communities.
The benefits will be solely awarded to projects within New York City's five boroughs. This differs from most other New York state community development entities which have a national or state-wide reach.
“We are thrilled to be able to receive this award for a second time and look forward to the new opportunities it will bring,” says James Patchett, president and CEO of New York City Economic Development Corporation. “New Markets Tax Credits provide an exciting opportunity to leverage private investment and low-cost financing to advance community-focused projects, create jobs, and strengthen traditionally underserved areas throughout the five boroughs.”
New York City was first awarded $55 million in New Market Tax Credits in 2016. The assistance helped finance five projects in underserved communities in New York City. This included the Rockaway Beach Medical Arts Center in the Rockaways, the Madison Square Boys & Girls Club in Central Harlem, the Village ShopRite Grocery Store in Soundview, Bronx, the GMDC Manufacturing Center in Ozone Park, Queens, and the Building 127 Manufacturing Center at the Brooklyn Navy Yard.
For more information or to learn how your project could benefit from NYCEDC's New Market Tax Credits, contact the EDC Strategic Investments Group at (212) 618-5737.
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Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
