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PRESS

Nixon Peabody clients awarded $700 million in New Markets Tax Credits; Capital will be used for more than a dozen community development entities

November 9, 2009
Allison McClain
amcclain@nixonpeabody.com
617-345-1128

Washington, DC. International law firm Nixon Peabody LLP’s New Markets Tax Credit (NMTC) Team successfully assisted 14 clients with their Round 7 New Markets Tax Credit (NMTC) applications. The 14 recipients were among the qualified community development entities that applied for and received $5 billion in NMTC awards, which were announced by the U.S. Treasury Department on October 30, 2009. The 14 client recipients were allocated more than $700 million of the total amount awarded.

The NMTC program attracts private-sector capital investment into the nation’s urban and rural low-income areas to help finance community development projects, stimulate economic growth, and create jobs. Nixon Peabody clients awarded NMTC include:

  • Central Bank of Kansas City
  • Citibank NMTC Corporation
  • Ecotrust CDE LLC
  • Forest City Community Development Entity, LLC
  • Genesis LA CDE LLC
  • Los Angeles Charter School New Markets CDE
  • MBS Urban Initiatives CDE, LLC
  • Michigan Magnet Fund
  • National Community Fund I, LLC
  • NCB Capital Impact
  • The Rose Urban Green Fund, LLC
  • SunTrust Community Development Enterprises, LLC
  • Urban Research Park CDE, LLC
  • Urban Revitalization & Brownfield Redevelopment Fund

“This program provides the necessary capital for investing in certain communities and creating partnerships between private and public sectors that work to create jobs in economically distressed areas,” said Herb Stevens, Nixon Peabody partner and leader of the firm’s NMTC Team. “In this current recession, it’s encouraging that the federal government’s NMTC program is focused on funding economically viable, environmentally responsible, and socially important projects.”

The latest client successes reflect a continuing trend of assisting clients with their applications and helping to achieve winning results. In the 2008/2009 Round 6 allocation, more than 16 Nixon Peabody clients received allocations totaling more than $700 million of the $5 billion in NMTC allocation authority awarded.