The New York City Regional Center has secured $50 million in federal tax credits to support economic development and community revitalization efforts.
The allocation marks the third time the company has received support from the U.S. Department of Treasury's New Market Tax Credit program, after receiving $45 million in 2016 and $20 million in 2018.
The program, created by Congress in 2000, aims to leverage tax credits to attract private investment to low-income neighborhoods.
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Dan Packel
Dan Packel is an editor on the Business of Law desk at ALM. He writes a weekly briefing for Law.com, "The Law Firm Disrupted," on change and innovation in the legal marketplace. He is based in Philadelphia. Contact him at [email protected]. On Twitter at @packeld
