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Snow, Treasury Officials to Announce $4.1 Billion in Community Development Awards Across U.S.

(Archived Content)

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U.S. Treasury Secretary John W. Snow and Treasury officials will announce $4.1 billion in tax credits to be awarded to organizations investing in rural and urban low-income communities across the United States starting Thursday, June 1. Treasury officials will visit eight communities around the country to highlight awards under the 2006 round of the New Markets Tax Credit Program (NMTC), including $600 million allocated specifically for the redevelopment of the Hurricane Katrina Gulf Opportunity Zone (GO Zone).

Treasury’s NMTC visit schedule includes:

  • Treasury Secretary John W. Snow Thursday, June 1 4:00 PM (EDT)The Enterprise Center4548 Market StreetPhiladelphia, PAAlso attending: Community Development Financial Institutions (CDFI) Fund Director Art Garcia, U.S. Senator Rick Santorum

  • Under Secretary for Domestic Finance Randal K. Quarles Thursday, June 1 9:00 AM (EDT)St. Paul AME Wellness Center639 East Long StreetColumbus, OHAlso attending: House Republican Conference Chairwoman, Congresswoman Deborah Pryce

  • Deputy Assistant Secretary for Critical Infrastructure and Compliance Scott Parsons Thursday, June1 1:30 PM(EDT)Merrill LynchNorthTower, 4 World Financial Center250 Vesey StreetNew York,NY

  • Deputy Assistant Secretary for Financial Education Dan Iannicola Thursday, June 1 3:00 PM (CDT)Renaissance Place at Grand1001 Compton Ave.St. Louis, MO

  • U.S. Treasurer Anna Escobedo Cabral Friday, June 2  2:30 PM (PDT)Market Creek Plaza Commercial and Cultural Center302 Euclid Ave.San Diego, CA

  • CDFI Fund Director Art Garcia Monday, June 5 10:30 AM (CDT)The Empowerment Center327 North BoulevardBaton Rogue, LA

  • CDFI Fund Director Garcia Tuesday, June 6 11:00 AM (CDT)The Magnolia1800 Magnolia StreetNew Orleans, LA

  • CDFI Fund Director Garcia Monday, June 6 1:30 (CDT)Coastal Family Health Center739 Division StreetBiloxi, MS** About the New Markets Tax Credit Program** The NMTC Program, established by Congress in December 2000, provides individual and corporate taxpayers with a credit against federal income taxes for making qualified equity investments in investment vehicles known as Community Development Entities (CDEs). Substantially all of the taxpayer’s investment must be used by the CDE to make qualified investments supporting certain business activities in low-income communities.  More information on the NMTC program can be found atwww.cdfifund.gov.

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