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Presenter urges Spokane to pursue New Markets Tax Credit allocations to finance clinics, shelters and job-creating projects
Summary
Steve McDowell told Spokane council that few New Markets Tax Credit projects have closed locally and urged coordination with CDEs and banks to capture federal allocations that could finance health centers, mixed-use development and job-creating manufacturing projects in qualifying census tracts.
Steve McDowell briefed Spokane's council on how New Markets Tax Credits (NMTC) work and argued the city is missing opportunities to attract private investment into low-income census tracts.
McDowell described NMTCs as a tax-code incentive administered through the CDFI Fund that encourages banks to buy tax credits from certified community development entities (CDEs); those purchases provide subsidized capital to qualifying projects in low-income census tracts. "New market tax credits are really not so much a program as a financial incentive through the tax code that's designed to stimulate private investment," he…
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