In Memphis, New Markets Tax Credits Spur Economic Development

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LIIF joined Annie Donovan, Director of the Community Development Financial Institutions (CDFI) Fund, and host of community and financing partners alongside over 500 members of the local community to celebrate the groundbreaking of the historic Sears Crosstown building in Memphis, TN. The project was featured in a new post on the U.S. Treasury Departments’ Treasury Notes blog. The building, one of the largest abandoned buildings in the state, is set to be transformed into a highly integrated and mixed-use facility anchored by arts, education and healthcare tenants.

LIIF provided a $10 million allocation of New Markets Tax Credits for the project as part as part of a $200 million transaction with public, private and philanthropic partners.

Read the full article on the Treasury Notes blog
Source: Treasury Notes blog