Federal New Markets Tax Credits Summit Impacts Local Leadership
In April, Uptown President and CEO Beth Robinson attended the annual New Markets Tax Credit Summit, attending with some of the national leaders of the tax credit industry. Since the beginning of the Federal New Markets Tax Credits allocation, more than $21 billion have been invested in communities. Additionally, more than 300,000 jobs have been created and more than 1,500 businesses have been financed across the United States.
The New Market Tax Credits are designed to encourage developers to invest capital in lower-income areas. Certified community development entities, such as Uptown Consortium, trade the assigned credits for equity from investors. The investors are then allocated tax credits equal to 39 percent of their investment over the course of seven years.
Since the conference Robinson has been able to offer new insights to structuring real estate partnerships, communicate trends to investors and share industry information with other community development professionals.