Enterprise Gets More Funding for Affordable Green Housing
Enterprise Community Investment, a leader in financing green affordable housing, has received $95 million in tax credit authority through the New Markets Tax Credit (NMTC) program. The American Recovery and Reinvestment Act of 2009 made $1.5 billion in NMTC awards available; these were allocated to Enterprise and 31 other development entities.The NMTC program, established in 2000, makes tax credits available to investors in community development projects in low-income areas; these tax credits are allocated through organizations like Enterprise. Although Enterprise has been focused on housing, it will use the New Markets tax credits to attract investors to commercial and mixed-use developments in economically distressed communities.
Published June 30, 2009