62 Applicants Get $3.5 Billion in New Markets Tax Credit Allocations

摘要

The Treasury Department has awarded $3.5 billion in second-round New Market tax credit (NMTC) investment allocations to 62 of the 271 applicants. In the first round, 66 awardees received $2.5 billion in NMTC allocations. There are three remaining rounds in the seven-year, $15 billion program to stimulate private investment in low-income communities, including $2 billion in 2005 and $3.5 billion each in 2006 and 2007. The second-round awards range from $2 million to $150 million, with an average of $56,450,000.