NEW YORK, NY – October 24, 2024 – NYC Regional Community Development (NYCR-CDE) is pleased to announce an award of $50 million in New Markets Tax Credits from the U.S. Department of Treasury.  It was one of 102 organizations from across the United States receiving awards this year.  Since 2016, NYCR-CDE has received seven separate annual tax credit awards totaling $315 million from the U.S. Department of Treasury.  To receive a New Markets Tax Credit allocation award, the company was required to demonstrate a mission and track record of providing investment capital in low-income communities.

The new $50 million New Markets Tax Credit allocation will provide financing to community development projects that typically face financing challenges, such as health care centers, charter schools, and community recreational facilities located in underserved areas of New York City.  Examples of prior economic development projects utilizing NYCR-CDE tax credit financing over the past eight years include:

• Construction of the National Urban League’s new headquarters in Harlem
• Redevelopment of the Bedford Union Armory in Brooklyn
• Redevelopment of the Nike Armory Track & Field Center in Washington Heights
• Expansion of St. John’s Episcopal Hospital Center in Far Rockaway
• Construction of eight charter schools
  • $23 million for DREAM in the South Bronx
  • $20 million for Achievement First Linden Middle School in Brooklyn
  • $20 million for KIPP NYC in the Bronx
  • $18 million for Neighborhood Charter School in the Bronx
  • $18 million for Promise Academy II in East Harlem
  • $15 million for Comp Sci High in the Bronx
  • $15 million for DREAM in the South Bronx

“We are excited to receive our 7th allocation from the U.S. Department of Treasury,” said George Olsen, NYCR-CDE Co-Founder. “This new $50 million New Markets Tax Credit award will continue our mission to provide much needed capital to low-income areas throughout New York City.”

“We are proud of our track record of directing dollars to underserved areas over the past 16 years,” said Paul Levinsohn, NYCR-CDE Co-Founder.  “We look forward to utilizing this new award to help jumpstart more shovel-ready projects in distressed parts of our city.”

The New Markets Tax Credit Program was created by Congress in 2000 in an effort to stimulate private investment and economic growth in low-income neighborhoods and rural communities that lack access to capital. Historically, low-income communities often have difficulty attracting investment.  The program aims to break this cycle of disinvestment by attracting the private investment necessary to reinvigorate struggling local economies. Private capital is incentivized by providing federal income tax credits to investors in exchange for making equity investments in low-income neighborhoods.