MBS Urban Initiatives CDE receives $60 million New Markets Tax Credit Allocation
May 23, 2019 | 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 under the 2018 allocation round of New Markets Tax Credit (NMTC) awards.
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, community facilities and other projects in low income areas. MBS Urban Initiatives CDE's allocation of $60 million brings the firm's total allocation to $410 million. This is MBS’s 8th allocation of New Markets Tax Credits since its first award in 2006, and it joins a select group of multi-year award winners.
"MBS Urban Initiatives was established to help build strong neighborhoods and provide capital to create stable communities through the program and employment and service opportunities in disadvantaged neighborhoods where it is most needed,” said Laurel Tinsley, Chief Executive Officer of MBS Urban Initiatives CDE, LLC. “The NMTC program has proven to be one of the most effective financing tools to improve communities across our nation and we are so pleased the CDFI has continued to support us in our efforts.”
Through its previous allocations, MBS Urban Initiatives CDE has provided key gap financing for 46 projects across the United States that have provided community goods and services to help educate over 45,000 students a year and provide services for over 280,000 low income individuals while creating and maintaining more than 9,300 permanent jobs since their first NMTC award in 2006.
MBS Urban Initiatives CDE 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.