X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

COLUMBIA, MD-A subsidiary of Enterprise Community Investment has received $95 million in New Markets Tax Credit authority from the Treasury Department’s Community Development Financial Institutions Fund. Enterprise, long an advocate of affordable green housing, will be using its new allocation to create a fund for sustainable commercial development in low-income areas.

The NMTC credits Enterprise just received are being made available under the American Recovery and Reinvestment Act of 2009; Enterprise is one of 32 Community Development Entities receiving an allocation of the $1.5 billion in NMTC awards under the act. The new allocation brings Enterprise’s total NMTC awards to $610 million–$515 million of which has previously been invested in low-income communities nationwide. Enterprise did not return a call to GlobeSt.com in time for publication.

Enterprise is planning to dedicate its allocation to create an Enterprise Green Communities New Markets Tax Credit Program–one of the first national financing vehicles for environmentally sustainable commercial, community and mixed-use developments in low-income areas in the United States. Enterprise already has a long-standing track record in green affordable housing, Joe Wesolowski, senior vice president for Structured Finance at Enterprise, says in a prepared statement. That expertise is now “being extended to commercial development projects,” he says.

Under its Enterprise Green Communities New Markets Tax Credit Program, Enterprise will give priority to developments that incorporate energy efficiency and renewable energy and healthy building techniques as well as transit-oriented development and brownfield reclamation developments. The program will provide tax credit financing and technical services.

Nearly $12 billion in private-sector capital has been invested through the NMTC program into urban and rural communities nationwide to date, according to the Treasury Department. Through 2007 NMTC capital has helped develop or rehabilitate more than 68 million square feet of real estate. The NMTC program, enacted into law by the Community Renewal Tax Relief Act of 2000, has been extended through 2009. A recent proposal by the Obama administration to Congress will extend the NMTC program to 2010 with a $5 billion allocation round.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. APARTMENTS SPRING 2021Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.