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CSCDC Announces New Markets Tax Credit Allocation

League Members Can Assist by Identifying Eligible Projects

June 13, 2014
The California Statewide Communities Development Corporation (CSCDC) has been awarded $38 million in New Markets Tax Credit (NMTC) allocation from the U.S. Treasury Department.
 
This was a very competitive process and the League is delighted to share the announcement of this rare federal resource to members. 

CSCDC intends to deploy NMTCs into three to four high impact community projects over the remainder of the year. Examples of development projects that could qualify for NMTC allocation include:
  • Community facilities such as YMCAs, Boys & Girls Clubs, etc.
  • Federally Qualified Health Centers or other medical facilities that provide services to low income residents.
  • High performing charter schools that serve primarily low income students.
  • Commercial real estate developments that create jobs and stimulate economic activity in particularly distressed communities.
  • Industrial businesses that require subsidized capital financing to expand operations and create high quality jobs.
  • Grocery stores located in federally designated food deserts.
League members are encouraged to assist CSCDC in identifying qualified projects that are supported by local government and community stakeholders.
 
If you are aware of a development project in your community that could be considered for NMTC allocation, please email Jon Penkower of CSCDC. Please include a brief description of the project and the physical address with your emailed request. CSCDC will screen the project for census tract eligibility and respond.


 
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