The New York City Regional Center has secured $50 million infederal tax credits to support economic development and communityrevitalization efforts.
The allocation marks the third time the company has receivedsupport from the U.S. Department of Treasury's New Market TaxCredit program, after receiving $45 million in 2016 and $20 millionin 2018.
The program, created by Congress in 2000, aims to leverage taxcredits to attract private investment to low-incomeneighborhoods.
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Dan Packel
Dan Packel is an editor on the Business of Law desk at ALM. He writes a weekly briefing for Law.com, "The Law Firm Disrupted," on change and innovation in the legal marketplace. He is based in Philadelphia. Contact him at [email protected]. On Twitter at @packeld
