St. Louis firms get $182M in federal tax credits
St. Louis Business Journal
February 24, 2011
By Kelsey Volkmann
The U.S. Treasury Department has awarded $3.5 billion in New Markets Tax Credits to 99 organizations nationwide, including $182 million to six St. Louis developers and banks.
The local recipients are:
- Advantage Capital Community Development Fund (Advantage Capital Partners), Clayton, $56 million
- Enterprise Financial, Clayton, $35 million
- Heartland Regional Investment Fund, St. Louis, $32 million
- Habitat for Humanity, St. Louis, $28 million
- McCormack Baron Salazar Urban Initiatives, St. Louis, $10 million
- St. Louis Development Corp., St. Louis, $21 million
The 99 organizations receiving awards were selected from a pool of 250 applicants that requested more than $23.5 billion. View the full list of recipients here.
Local projects that have received New Markets Tax Credits in the past include Joe Edwards' Delmar Loop trolley, the Lawrence Group's Park Pacific rehab, Rick Yackey's reconfiguration of Macy's space at the Railway Exchange Building, affordable housing, a solar energy initiative and the renovation of Kiel Opera House, now called Peabody Opera House.
New Markets Tax Credits are administered through the U.S. Treasury's CDFI Fund and provide a 39 percent credit to offset federal income taxes over seven years for investors in projects in low-income areas. To date, more than $20 billion of private-sector capital has been invested through New Markets Tax Credits.
