MBS Urban Initiatives CDE awarded $10 million in New Markets Tax Credits
February 25, 2011 | McCormack Baron Salazar
McCormack Baron Salazar is pleased to announce its MBS Urban Initiatives CDE affiliate was awarded an allocation of $10 million through the U.S. Department of the Treasury's Community Development Financial Institutions (CDFI) Fund.
The U.S. Treasury Department awarded $3.5 billion nationwide in New Markets Tax Credits, which can be used to fund business startups, real estate development and other projects in poor areas. MBS Urban Initiatives CDE's allocation of $10 million brings the firm's total allocation to $220 million. This is MBS’s fifth allocation of New Markets Tax Credits in as many years, and it joins a select group of multi-year award winners. ($60 million in 2006, $60 million in 2007, $50 million in 2008, $40 million in 2009, $10 million in 2010)
Through its previous allocations, MBS Urban Initiatives CDE has provided key gap financing for projects including the National Dance Institute in New York, construction of a transit-oriented development called MacArthur Park in Los Angeles, and the addition of solar panels to help offset utility costs of affordable apartments in St. Louis.