LIIF Receives $45 Million New Markets Tax Credit Allocation from U.S. Treasury Department
The U.S. Treasury Department announced today that San Francisco-based Low Income Investment Fund (LIIF) received a $45 million allocation of New Markets Tax Credits (NMTCs). LIIF was among the 99 organizations nationally to receive an allocation from the $5 billion in awards announced by Treasury Secretary Timothy Geithner.
LIIF will use the allocation, which is its third consecutive award, to support projects that bring economic development and essential services to low income neighborhoods. LIIF’s award will enable the organization to create and preserve an estimated 1,600 jobs over the next three years. Earlier this month, LIIF used $6.3 million of a previous NMTC allocation to support a transit oriented development (TOD) project in Boston, Massachusetts that brought 84 homes, a preschool, restaurant and specialty foods store to a neighborhood where 26 percent of residents live below the federal poverty line.
LIIF’s President and CEO Nancy O. Andrews noted, “The New Markets Tax Credit program is critical for the Low Income Investment Fund to be able to bring private investments into economically distressed neighborhoods. Our award from the U.S. Treasury means better schools, higher quality child care and more jobs for the communities that have been the hardest hit by the recession. This allocation could not have come at a better time for the low income families that benefit from LIIF’s work.”