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iCapital to Represent the City of Albuquerque iCapital Finance Inc. has been selected to provide consulting, investment banking, and corporate finance services to the City of Albuquerque. iCapital and the City of Albuquerque, have formed a CDE, which is structured as an LLC and will operate as the the Albuquerque Business Community Development, LLC (ABCD"). This CDE is a unique joint venture that combines government and private Enterprises in an effort to provide funding and benefits to low income communities with the focus of job creation and job retention. iCapital will assist the CDE in applying for a fourth round allocation of New Market Tax Credits (NMTC).
Managing Director of iCapital Finance, Randall Letcavage, states that, iCapital is very excited to be representing the City of Albuquerque and partnering with the city in its CDE. This relationship will prove beneficial, creating funding and benefits to low income communities. iCapitals expertise in utilizing New Market Tax Credits provides a great opportunity for the entire City of Albuquerque as well as iCapital."
iCapital and the City of Albuquerque are currently reviewing over $100,000,000 in projects for financing with the 39% federal tax credit provided by the Community Renewal Act of 2000 (and the corresponding New Market Tax Credits) many of these projects could come to realization and provide jobs and opportunities to low income communities and the residents of those communities.
The NMTC Program permits taxpayers to receive a credit against Federal Income Taxes for making qualified equity investments in designated CDE's. Substantially all of the qualified Equity Investments must in turn be used by the CDE to provide investments in Low Income Communities (LIC). The credit provided to the Investor totals 39% of the cost of the investment and is claimed over a seven-year credit allowance period.
NMTC will be allocated annually by the Fund to CDEs under a competitive application process. These CDEs will then sell the credits to taxable Investors in exchange for stock of a capital interest in the CDEs. Throughout the life of the NMTC Program, the Fund is authorized to allocate to CDEs the authority to issue to the Investors up to the aggregate amount of $15 billion in equity as to which NMTC can be claimed.
About iCapital Finance, Inc.: iCapital is a leading investment bank specializing in the Micro and Small Cap Public Companies and Middle Market Private Companies offering a wide range of financial advisory services, including: M&A, equity and debt financing, strategic advice, and financial consulting. iCapital's industry experience and financial resources prove to assist high growth companies in meeting their corporate objectives.
The information in this Press Release includes certain "forward-looking" statements within the meaning of the Safe Harbor provisions of Federal Securities Laws. Investors are cautioned that such statements are based upon assumptions that in the future may prove not to have been accurate and are subject to significant risks and uncertainties, including the future financial performance of the Company and other risks detailed in our filings with the Securities and Exchange Commission, including the Risk Factors contained in our final prospectus relating to a public offering filed pursuant to Rule 424(b) under the Securities Act of 1933, available at www.sec.gov. You are urged to consider these factors carefully in evaluating the forward-looking statements herein and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by this cautionary statement. The forward-looking statements made herein speak only as of the date of this press release and the company undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances. Although the Company believes that the expectations reflected in its forward-looking statements are reasonable, it can give no assurance that such expectations or any of its forward-looking statements will provide to be correct. Factors that could cause results to differ include, but are not limited to successful performances of internal plans, the impact of competitors, and general economic risks and uncertainties.
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