Are 'New Markets Tax Credits' the vehicle to improve community and economic development in ways America has never seen?
"The New Markets Tax Credit was born in 2000, when Congress approved it as part of the Community Renewal Tax Relief Act. Its parents were the historic preservation and low-income housing tax credits, established in 1976 and 1986 respectively.
...The larger aim of the newest tax credit, as described in 2004 by Samuel Bodman, deputy secretary of the Treasury Department, is to "empower the people who live, work, and invest in communities to make decisions about what type of ventures will create the most jobs and grow the local economy."
...Financial heavyweights have been attracted to the table. Typical is Goldman Sachs, which was awarded a $75 million new markets tax credits allocation in 2003. A subsidiary, the Urban Investment Group, acts as a syndicator, asset manager, and matchmaker for infill development in urban markets, focusing on ownership housing, mixed-use developments, and stand-alone commercial projects."
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