MassDevelopment.com: Press Room: MassDevelopment Receives $70 Million in New Market Tax Credit Allocations

MassDevelopment Receives $70 Million in New Market Tax Credit Allocations, One of Five Programs Statewide
May 6, 2004

Contacts:
Adam Bickelman, 617-330-2086 or abickelman@massdevelopment.com
Janet Hookailo, 617-330-2018 or jhookailo@massdevelopment.com

MassDevelopment, the state's economic development agency, has been selected to receive a $70 million allocation under the U.S. Treasury Department's New Market Tax Credit Program. Deputy treasury secretary Samuel W. Bodman announced the award today in Roxbury.

"Being able to offer these tax credits to investors will boost our ability to leverage new business and other redevelopment projects in depressed areas across the state," said Robert L. Culver, MassDevelopment president and CEO. "It's a fantastic windfall for Massachusetts and we're thrilled to be selected to do this good work."

"We'll be able to focus on getting more capital into enterprise communities, brownfields sites, and neighborhoods throughout the state that need an economic helping hand," said Culver.

MassDevelopment is the state's economic development authority, working with businesses and local officials to provide the financial tools and real estate expertise needed to stimulate economic growth across the state of Massachusetts. In fiscal year 2003, MassDevelopment financed $860 million in projects statewide, resulting in the creation of over 5,300 jobs, the retention of nearly 26,000 jobs, and 4,000 new housing starts.

For more information, click here for The Department of the Treasury.