Treasury Dept. and Congressman Lacy Clay Announce $300 Million in New Market Tax Credits to Create Jobs, Support Small Business Development and Strengthen Neighborhoods

FOR IMMEDIATE RELEASE: June 15, 2015                   

MEDIA CONTACT:

STEVEN ENGELHARDT (314) 504-4029

Treasury Dept. and Congressman Clay Announce $300 Million in New Market Tax Credits to Create Jobs, Support Small Business Development and Strengthen Neighborhoods

St. Louis Development Corporation, US Bank, Enterprise Financial, Heartland Regional Investment Fund, MBS Urban Initiatives, Midwest Industrial Redevelopment Fund  Are Winners in National Competition

-Washington, DC – As part of a $3.5 billion national investment to grow jobs and revive struggling neighborhoods, U.S. Secretary of the Treasury Jack Lew and Congressman Wm. Lacy Clay (D) Missouri, announced today that six St. Louis-based community development entities are among the 76 winners nation-wide who have been selected to receive New Market Tax Credit funding.  

“This is tremendous news for the entire St. Louis region, said theCongressman.  “The New Market Tax credits are a powerful tool to help cities and development entities renew older urban communities by encouraging private sector investment that creates jobs.  New Market Tax Credits make gap funding available to finance difficult projects in under-invested and underserved neighborhoods.”

“I want to thank President Obama and Secretary Lew for being so responsive to my efforts to win this new federal investment for the St. Louis region,” said Mr. Clay.  “And I want to congratulate all the awardees for their commitment to becoming stakeholders in urban neighborhoods.”  Nation-wide, all 76 winners have committed to providing at least 75 percent of their investments in areas characterized by high levels of economic distress and unemployment.

Congressman Clay is proud to announce these 2015 awardees for

the New Market Tax Credit program in the St. Louis region:

Enterprise Financial CDE, LLC                                    $65 million

MBS Urban Initiatives CDE, LLC                           $55 million

Midwest Industrial Redevelopment Fund, LLC              $50 million

Heartland Regional Investment Fund, L.L.C.               $30 million

St. Louis Development Corporation                        $45 million

US Bank CDE, LLC                                                 $55 million