The federal New Markets Tax Credit program has proven itself to be an effective way to drive much-needed investment capital and commercial development into distressed communities across the country. LISC will use a new $85 million allocation under the program to help attract and grow small businesses, revive blighted manufacturing sites, build new heath centers, develop grocery stores in food deserts, and launch new schools and child care centers in low-income areas.
LISC invested more in low-income communities during 2015 than in any year in its 35-year history—providing $1.3 billion to improve the quality of life in some of the country’s most disadvantaged areas.
As part of a $3.5 billion tax credit allocation, the U.S. Treasury Department has chosen LISC to administer $70 million in New Market Tax Credits (NMTC), which help spur economic development. LISC is among the top awardees under this federal program, and will use the investment authority to encourage private investors to put capital into markets that would otherwise seem to risky.