NTCIC Awarded a $53 million Allocation of New Markets Tax Credits
Washington, DC, June, 2006 - The National Trust Community Investment Corporation (NTCIC) was informed today that its application to the U.S. Treasury for an allocation of New Markets Tax Credits was successful. NTCIC will receive a $53 million allocation in this the fourth round of allocations. NTCIC received an allocation in the first round, held in 2003. This year's award will enable NTCIC to continue offering the New Markets Tax Credit to investors in historic rehabilitation projects in low-income communities.
To ensure that the incentive is truly serving these communities--as the program was designed to do--NTCIC will require developers to execute a Community Benefit Agreement that carefully spells out intended benefits for low-income households. Additionally, all projects must also be located in government-designated downtown redevelopment, Main Street or Enterprise Zones.