Hispanic CDC Hopes to Create $50 Million Investment Pool with NMTC Allocation to Serve Arizona

摘要

Chicanos For La Causa, Inc. (CPLC), a Hispanic nonprofit community development corporation (CDC) hopes to leverage its $15 million New Markets tax credit (NMTC) allocation into a $50 million investment pool to support economic development projects in Tempe and other Arizona communities, according to Edmundo E. Hidalgo, CPLC's chief operating officer. CPLC received the second-round allocation through Prestamos, CDFI, L.L.C., its for-profit subsidiary community development entity (CDE), in May 2004. A majority of the allocation will go to redeveloping low-income barrios and neighborhoods in Tempe, and the remainder will be used in three other communities, Hidalgo said in an interview with HDR. CPLC has not started making investments because it is still negotiating with several commercial banks on their purchasing most or all of the NMTC allocation, he said.