LIIF Receives $85 Million New Markets Tax Credit Award
The U.S. Treasury Department’s Community Development Financial Institutions (CDFI) Fund has awarded LIIF $85 million in New Markets Tax Credit (NMTC) allocation. In total, LIIF has been awarded $458 million in NMTCs since the program’s first allocation in 2007 to invest in high-impact projects that spur economic opportunity in low income communities.
“From health clinics that provide critical services to underserved populations to child care centers that offer stability to families, NMTCs have allowed LIIF to work in new regions and invest in integrated projects that are often the most difficult to finance,” said Kimberly Latimer-Nelligan, Chief Operating Officer & Executive Vice President, Community Investment Programs,at LIIF. “As a result of LIIF’s previous NMTC investments, more than 11,700 jobs have been created or preserved and $1 billion has been generated in investments for distressed communities.”
Through LIIF’s previous round of NMTC allocations, LIIF provided $15 million to Delancey Street Associates for the construction of Essex Crossing Site 6. The project will provide 100 affordable housing units for seniors, secure a 40,000-square-foot medical center operated by NYU Langone Medical Center, promote local community-building programs in a 12,000-square-foot site operated by Grand Street Settlement and improve economic mobility for New Yorkers of all ages. Site 6 is part of a larger, 1.9 million-square foot Essex Crossing project where half of the eventual 1,000 residential units will be designated affordable.