19 Feb Awarded $20 million in New Markets Tax Credits
The Black Business Investment Fund of Central Florida (BBIF Florida) is pleased to announce it has been awarded $20 million in New Markets Tax Credits (NMTC) from the U.S. Department of the Treasury’s Community Development Financial Institutions (CDFI) Fund for a total of $40 million to date. BBIF received its first federal NMTC allocation of $20 million in the 2014 funding cycle.
The NMTC Program attracts private capital into low-income communities by permitting individual and corporate investors to receive a tax credit against their federal income tax in exchange for making equity investments on projects in economically distressed communities. The credit totals 39 percent of the original investment amount and is claimed over a period of seven years.
“As a mission-based financial institution, we are proud and pleased that the CDFI Fund has continued to support our efforts to help provide investment capital to critically underserved Florida communities,” said Inez Long, CEO of BBIF. “With this new allocation, we can continue our efforts to improve the lives and communities of Floridians.”