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.
For more information email us at: CCDC@Carverbank.com