ST. LOUIS — St. Louis entities on Friday were awarded tens of millions of dollars worth of federal tax credits by the U.S. Treasury Department.
The feds' Community Development Financial Institutions Fund awarded $5 billion in New Markets Tax Credits nationwide, including:
- $60 million in credits for an entity affiliated with investor U.S. Bancorp Community Development;
- $55 million in credits for an entity affiliated with low-income housing developer McCormack Baron Salazar;
- $50 million in credits for St. Louis Development Corp., the city of St. Louis' nonprofit development agency;
- And $35 million in credits for venture capital firm Advantage Capital.
The feds said 107 organizations got allocations, made through the calendar year 2021 round of the New Markets program. It added that 199 applicants had requested a total of $14.7 billion in tax credit allocation authority.
The total awarded by the program now reaches more than $71 billion, and the feds said award recipients have deployed more than $62.9 billion in investments in low-income communities and businesses, creating or retaining 857,000 jobs, and constructing or rehabilitating nearly 239 million square feet of commercial real estate.
Read the rest of the story on the St. Louis Business Journal website.
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