New Market Tax Credits
Carver's Community Development Corporation (CCDC) allows Carver to continue its mission of reinvestment and wealth building within the communities its serves. CCDC has been able to provide special investments in low-income, mixed-use community projects through the use of New Markets Tax Credit (NMTC). Carver Community Development Corporation (Carver CDE) was awarded a $65 million New Markets Tax Credit allocation in May 2009. This is the second allocation we have received. The first NMTC allocation of $59 million has been fully invested in the communities Carver serves to advance economic development and job creation within our communities. As a result of the NMTC Program and bank financing, most of the projects have retained and created jobs, provided affordable commercial space and created needed medical facilities in distressed neighborhoods in New York City
NMTC provides an incentive to investors in the form of a 39% federal income tax credit for investing capital into qualified projects located within in low- and moderate-income neighborhoods.
- Renaissance Project - CCDC provided a pre-development loan to the Abyssinian Development Corporation for demolition and soft costs associated with the redevelopment of the famed Renaissance Ballroom located in Harlem, New York, creating a critical community project that when completed will bring newly constructed housing, retail services, parking and community cultural space to the historic Striver's Row neighborhood.
- Hale House - CCDC provided a working capital loan to this New York City non-profit corporation engaged in serving children and families in need. The loan will be utilized for operations and expansion of their program services within low-income communities in Harlem, New York.
- Citicare - CCDC provided an acquisition and renovation loan to a small developer. The funds enabled the developer to provide more-affordable rents to a local medical provider that is consolidating several offices and expanding its total footprint, thereby expanding medical services to the community.
For more information email us at: CCDC@Carverbank.com
