#United States #New York City #Tax Credit #NYCRC

New York City Regional Center Receives $75 Million Allocation

A Milestone Achievement for NYCRC

In an exciting development for economic development efforts, the New York City Regional Center (NYCRC) has recently announced that it has received a generous award of $75 million in New Market Tax Credits (NMTC) from the Community Development Financial Institutions Fund of the U.S. Department of Treasury. This funding represents the largest allocation in the history of the NMTC program, which has been pivotal in attracting investment to low-income areas across the country.

Significance of the Award

This new award marks the eighth consecutive year that NYCRC’s associated entity, New York City Regional Community Development (NYCR-CDE), has been recognized with NMTC funding since 2016. With a total of $390 million received to date, this continuous support highlights NYCRC’s commitment to fostering economic opportunities in communities that face significant financial hurdles. George Olsen and Paul Levinsohn, Co-Managing Principals at NYCRC, emphasized the importance of this award, noting it will enable the center to facilitate crucial capital investments in underserved neighborhoods throughout New York City.

Focus Areas of Investment

The use of this $75 million allocation is intended to target development projects that typically encounter significant financing challenges. Historical examples include the establishment of community health care centers, public charter schools, community centers, and various youth programs located in New York City's most vulnerable areas. Notable projects facilitated by previous NMTC allocations include:

• - Construction of several Federally Qualified Health Centers across the boroughs of Queens, Manhattan, and the Bronx.
• - Development of the Major Owens Health & Wellness Community Center in Brooklyn.
• - Redevelopment endeavors, including the Nike Armory Track & Field Center in Washington Heights.
• - Expansion of critical health infrastructure at St. John's Episcopal Hospital Center in Far Rockaway.
• - Creation of eleven public charter schools catering to children in Brooklyn, Manhattan, and the Bronx.

These projects not only demonstrate the effectiveness of NYCRC's initiatives but also affirm its dedication to the ongoing support and advancement of community facilities that improve the quality of life for residents.

The Broader Impact of the NMTC Program

The NMTC program, initiated by Congress in 2000, aims to stimulate private investment and economic growth in low-income communities, addressing a historic imbalance in capital availability for these areas. By offering federal income tax credits to investors, the program incentivizes private investment in economically distressed neighborhoods, resulting in revitalization projects that can lead to significant job creation and infrastructure improvements. To date, approximately $71 billion have been allocated to NMTC across the nation, creating over 1.2 million jobs and facilitating the development of around 268 million square feet of commercial real estate.

NYCRC's Commitment to Local Development

Established in 2008, NYCRC has positioned itself as a pivotal player in securing foreign investments for essential infrastructure projects in New York City under the EB-5 Immigrant Investor Program. Over the past 18 years, NYCRC has effectively allocated more than $1.9 billion in capital to a variety of projects, helping to stimulate long-term economic growth in low-income neighborhoods. The successes include financing for significant endeavors in both Brooklyn, with $873 million invested, and the Bronx with $321 million. Further, NYCRC has made notable contributions to enhancing the public high-speed wireless network across subway stations and city streets.

Since the inception of its support programs, NYCRC has achieved substantial project completions, enhancing the quality of urban infrastructure and services available to New Yorkers. With an unwavering commitment to its mission, NYCRC continues to demonstrate the transformative power of targeted investment strategies in driving economic resilience.

In conclusion, the recent $75 million NMTC award not only highlights NYCRC’s achievements and capabilities but also sets the stage for continued growth in underserved communities. Through strategic investments and ongoing partnerships, NYCRC illustrates the significance of collaboration in fostering economic empowerment and breaking barriers to development.

For more information about NYCRC and its initiatives, please visit their website or contact their media relations department.