LIIF Receives $60 Million New Markets Tax Credit Award
Today, the U.S. Treasury Department’s Community Development Financial Institutions (CDFI) Fund announced that the Low Income Investment Fund (LIIF) has been awarded $60 million in New Markets Tax Credit (NMTC) allocation. As part of the Treasury’s 2014 round, LIIF was one of only 76 community development organizations nationwide to receive funding. The award marks LIIF’s eighth consecutive award and brings LIIF’s total NMTC allocation to $373 million.
To date, LIIF’s NMTC investments have created or preserved 8,700 jobs and generated more than $1 billion in investments for distressed communities. Since its first allocation in 2007, LIIF has invested $313 million of NMTCs in a range of high impact projects across the nation that are revitalizing cities and increasing opportunities for families.
“The NMTC program allows LIIF to make investments that spur economic growth and opportunity in high poverty areas with limited access to traditional capital sources,” said Nancy O. Andrews, LIIF’s President and CEO. “Over the past eight years, LIIF has deployed more than $300 million in capital to support integrated solutions that improve the lives of low income families. This award will allow LIIF to continue and deepen these efforts.”
LIIF’s last award financed the Sears Crosstown development in Memphis, TN. LIIF provided a $10 million allocation of NMTCs as part of a $200 million transaction to support the transformation of a historic 933,000-square-foot building into a highly integrated and mixed-use facility, anchored by arts, education and healthcare tenants. The redevelopment, a vision of several well-known community organizations, will consist of commercial, retail and mixed-income housing space including a charter high school for arts and sciences, 262 mix-income housing units, healthcare clinics and office space.
To learn more about LIIF’s New Markets Tax Credit Program please contact Amy Laughlin, Director, New Markets Tax Credits at 415.489.6159 or email@example.com.
- Read the CDFI Announcement
- Learn more about the Sears Crosstown Project
- Learn more about LIIF’s Impact