MBS Wins New Markets Tax Credits… Again!
October 6, 2007 | McCormack Baron Salazar
McCormack Baron Salazar is pleased to announce its MBS Urban Initiatives CDE affiliate was awarded an allocation of $60 million through the U.S. Department of the Treasury's Community Development Financial Institutions (CDFI) Fund.
On October 5th, 2007, the U.S. Department of the Treasury's Community Development Financial Institutions (CDFI) Fund announced that 61 Community Development Entities (CDEs) had been selected to receive allocations of New Markets Tax Credits (NMTCs) through the 2007 round of the NMTC Program.
MBS Urban Initiatives CDE, an affiliate of McCormack Baron Salazar, was awarded an allocation of $60 million. This is MBS’s second allocation of New Markets Tax Credits in as many years, and it joins a select group of multi-year award winners.
Through its first allocation, MBS Urban Initiatives has provided key gap financing for a new cineplex in historic downtown Knoxville, Tennessee, the restoration and re-use of an historic tobacco warehouse in Durham, North Carolina, and the renovation of a former Woolworth Building in St. Louis’ Grand Center.
The 61 CDEs were awarded a total of $3.9 billion in NMTC allocation, including $400 million that was authorized by the Gulf Opportunity Act of 2005 for specific use in the recovery and redevelopment of the Hurricane Katrina Gulf Opportunity Zone (GO Zone). Both of MBS’s allocations are national in scope.