Treasury Awards $35 Million in New Market Tax Credits to BACDE
Building America CDE (BACDE), a subsidiary of the AFL-CIO Housing Investment Trust (HIT), has been awarded a $35 million allocation under the federal New Markets Tax Credit program, which it will use to attract capital for high-impact projects in underserved communities.
BACDE is one of 99 organizations awarded a total of $3.5 billion in New Markets Tax Credits (NMTC), according to Donna Gambrell, director of the U.S. Treasury Department’s Community Development Financial Institutions Fund. Two hundred and fifty organizations had competed for NMTC allocations under the 2010 program round.
BACDE has identified prospective projects that include mixed-use housing and commercial developments, as well as healthcare facilities. The organization is currently evaluating prospective projects, with the goal of making financing decisions by late spring.
This is the first NMTC allocation for BACDE. “The projects financed through BACDE should help transform neglected communities by meeting their urgent needs for housing, business development, and good union jobs,” said Eric Price, BACDE ceo and executive vice president of HIT.