MBS Urban Initiatives CDE awarded $75 million in New Markets Tax Credits
CDE will invest the credits in transformative, impactful projects in urban areas across the United States.
November 18, 2016 (Saint Louis, MO) McCormack Baron Salazar, Inc. and its affiliate MBS Urban Initiatives CDE are pleased to announce that the CDE was awarded an allocation of $75 million in New Markets Tax Credits (NMTC) through the U.S. Department of the Treasury's Community Development Financial Institutions (CDFI) Fund under the current 2015-2016 round of allocation awards.
"MBS Urban Initiatives was established to create opportunities for economic growth and improvements in social wellbeing for low-income people. By investing in impactful projects in distressed urban communities, we can positively change outcomes for low-income families, workers and children. With our focus of bringing jobs, affordable early childhood education, medical, social services, and healthy food options to low-income communities, the New Markets Tax Credit program has proven to be one of the most effective financing tools to improve communities across our nation. We are so pleased the CDFI Fund has continued to support us in our efforts,” said Laurel Tinsley, Executive Director, MBS Urban Initiatives CDE.
The U.S. Treasury Department awarded $7 billion nationwide in New Markets Tax Credits, which can be used to fund business startups, real estate development, community facilities and other projects in low income areas. MBS Urban Initiatives CDE's allocation of $75 million brings the firm's total allocation to $350 million. This is MBS’s seventh allocation of NMTCs, and it joins a select group of multi-year award winners.
Through its previous allocations, MBS Urban Initiatives CDE has provided key gap financing for 24 projects across the United States that have provided community goods and services to more than 238,000 low income individuals while creating and maintaining more than 5,600 jobs since their first NMTC award in 2006.
MBS Urban Initiatives CDE, LLC is a Community Development Entity (CDE) established by the Saint Louis-based development firm of McCormack Baron Salazar to enhance, strengthen and revitalize low income communities for families and children and to stimulate economic opportunities for low income residents through the creation of affordable housing, jobs, enhancement of wealth and the provision of services within these communities. MBS Urban Initiatives CDE is an equal opportunity provider.
Contact: Cady Seabaugh | Director of Communications | (314) 621-3400 | media@mccormackbaron.com