Nevada Senator Harry Reid and Las Vegas Mayor Carolyn G. Goodman today announced the city of Las Vegas will receive $28 million in New Markets Tax Credits allocation to invest in low-income and underserved communities in Southern Nevada. The Treasury Department’s New Markets Tax Credit Program encourages investment in traditionally underserved communities by providing investors with a tax credit when they make investments in low-income communities through community development entities. The city of Las Vegas formed the Las Vegas Community Investment Corporation to facilitate investment in a number of key projects ranging from real estate development projects and small businesses, including education and health care services.
“This is wonderful news,” said Senator Reid. “The New Markets Tax Credit creates jobs, and we must do everything we can to help economic growth as Nevada’s economy continues to recover. The city of Las Vegas, because of Mayor Goodman’s steadfast leadership, is improving the lives of its citizens by making smart investments while providing vital goods and services. I was happy to support Las Vegas’ application to participate in this federal program because it will help leverage existing economic development efforts to revitalize Southern Nevada.”
“I am thrilled that the city of Las Vegas is going to be receiving $28 million in tax credit financing going forward,” Mayor Goodman said. “The city is the only entity in the state of Nevada to be receiving such funds this year. I want to thank Senator Harry Reid for supporting us on this application, which will result in helping to create new jobs for those in our community.”
The New Markets Tax Credit Program was established by Congress in December 2000 to help economically distressed communities attract private investment capital by providing investors with a federal tax credit. Investments made through the New Markets Tax Credit Program are used to finance businesses and real estate projects to breathe new life into neglected, underserved, low-income communities. Since inception, New Markets Tax Credit Program investments have created an estimated 561,873 new jobs and supported the construction of 22.0 million square feet of manufacturing space, 71.8 million square feet of office space, and 55.2 million square feet of retail space. As these communities develop, they become more attractive to investors, creating a ripple effect that spurs more investment.
For more information about the New Markets Tax Credit Program, please view the Fact Sheet or visit the CDFI Fund’s website at www.cdfifund.gov/nmtc.
The city will be hosting a free seminar for developers to learn more about the program Wednesday, July 30, from 3 to 6:30 p.m. at the Historic Fifth Street School at 401 S. Fourth Street in downtown Las Vegas. For more information about the program, email firstname.lastname@example.org.
Kristen D. Orthman
National Press Secretary & Nevada Communications Director
Senate Majority Leader Harry Reid