“I am proud of the National Development Council which is located in my district and congratulate them on their NMTC award,” said Congresswoman Carolyn Maloney (D-NY).
New York, NY (PRWEB) March 08, 2012
The National Development Council (NDC), the oldest national non-profit community development organization in the country, today announced it has been awarded $90 million from the U.S. Department of the Treasury’s Community Development Financial Institutions (CDFI) Fund and New Markets Tax Credit (NMTC). The allocation is a portion of a $3.6 billion program designed to bring private investment monies into low-income and distressed communities across the U.S. The NMTC’s new allocation will bring NDC’s total NMTC allocation to date to $639 million.
“NDC is proud and honored to have a role in the most powerful economic development program created by the federal government,” said NDC President Robert W. Davenport. “We look forward to using our allocation to deliver on our mission to help revitalize struggling communities across the country.”
The NMTC, established by Congress in December 2000, provides a 39% tax credit, taken over seven years, for individual and corporate taxpayers who make equity investments to finance businesses and development in qualified low-income areas of the country. NDC was one of only 70 organizations to receive an allocation this year, selected from more than 300 applicants.
“I am proud of the National Development Council which is located in my district and congratulate them on their NMTC award,” said Congresswoman Carolyn Maloney (D-NY). “NDC has created thousands of jobs with their community renewal initiatives. I have no doubt that this important work will continue and expand with this latest allocation.”
With its previous $549 million in NMTC allocations, NDC has brought more than $1.2 billion in investments to 67 projects in 24 states. The projects have included manufacturing businesses, research and development facilities, and retail and commercial developments in underserved neighborhoods, as well as community facilities that provide health, social and educational services to low-income individuals and families.
About National Development Council
Founded in 1969, the National Development Council is a national non-profit organization that has evolved into one of the most progressive and innovative community and economic development organizations in the country. From a seminal role in the earliest days of the community development movement, NDC has grown into one of the most comprehensive suppliers of financing, development expertise, technical assistance and training for community revitalization efforts throughout the U.S. For more information, go to http://www.NationalDevelopmentCouncil.org.