LIIF Receives $50 Million Allocation of New Markets Tax Credits
The U.S. Treasury Department announced Monday that it had awarded the San Francisco-based Low Income Investment Fund (LIIF) a $50 million allocation of New Markets Tax Credits (NMTCs). LIIF was one of 70 organizations around the country to receive allocations totaling $3.5 billion through the NMTC program. LIIF will use the $50 million award to expand its lending for community facilities projects, including child care centers and charter schools in economically distressed communities across the nation.
In acknowledging LIIF’s award, Speaker of the House, Nancy Pelosi noted, “The Low Income Investment Fund is a model of excellence in creating opportunities in low-income communities. They have demonstrated the transformative power of investment motivated by concern for community. By making more resources available at lower rates, they have transformed communities and improved lives of countless individuals and families across the San Francisco Bay Area and the country.”
LIIF’s President and CEO Nancy O. Andrews noted, “The Low Income Investment Fund is thrilled to receive a New Markets Tax Credit allocation. This award advances our efforts to encourage private sector investments in low income communities, and will spur economic growth and create educational, child care and other community facilities in some of the most underserved areas of the country.”