Two Florida community development entities were awarded $100 million collectively as part of the New Markets Tax Credit (NMTC) established to incentivize investment in businesses and real estate projects located in low-income communities.
The awards were announced on April 24, 2013 as part of the U.S. Department of the Treasury’s Community Development Financial Institutions Fund. A total of 3.5 billion was awarded.
Investors in community development entities are entitled to claim a “new markets tax credit” of $0.39 for each dollar spent.
It is relatively easy for investors to qualify. A project must be either an operating business or a non-residential real estate project located in a low-income community. To determine if a community is defined as “low income,” reference the U.S. census tracts identified by low-income characteristics http://qct.huduser.org/tables/screen2.odb
For real estate investment opportunities, contact Teresa Williams of Prospera Realty and Property Management at 813-434-0290 or visit https://www.prosperarealty.com. Teresa is a seasoned professional with unrivaled real estate knowledge in Hillsborough and Dade county markets.