Treasury Awards New Markets Tax Credits

July 01, 2003

Sixty-six organizations recently were awarded $2.5 billion in tax credit allocations to help low-income neighborhoods.

The organizations are the first to receive allocations from the Department of the Treasury under the New Markets Tax Credit (NMTC) program. The tax credits are designed to stimulate economic opportunity and job creation in low-income communities.

Organizations either located in or planning investments in the St. Louis Federal Reserve Bank's Eighth District are:

The Illinois Facilities Fund
Headquarters: Chicago
Allocation: $10 million
Contact: Trinita Logue (312) 629-0060
All of the fund's activities will be concentrated within the state of Illinois.

Urban Development Fund LLC
A subsidiary of Aries Capital
Headquarters: Chicago
Allocation: $15 million
Contact: Michael Qualizza (773) 960-1181
UDF has a nationwide service area but anticipates conducting most of its activities in Arizona, California, Florida, Illinois, Michigan, New York and Texas.

CBSI Development Fund Inc.
A subsidiary of the Community Bank of Southern Indiana
Headquarters: New Albany, Ind.
Allocation: $3 million
Contact: Kevin Cecil (812) 981-7347
All of its activities are likely to be concentrated in low-income communities in urban areas (principally New Albany, Ind., and Louisville, Ky.).

Southeast Indiana Community Development
A subsidiary of the Area 12 Council on Aging & Community Services (dba LifeTime Housing Group)
Headquarters: Dillsboro, Ind.
Allocation: $3 million
Contact: Sally Beckley (812) 432-6204
Most of its investments will be in the cities of Aurora and Versailles, Ind.

Citizens Business Development Co. LLC
A subsidiary of Citizens Bank & Trust Co. of Jackson, Ky.
Headquarters: Jackson, Ky.
Allocation: $3 million
Contact: Burton Bellamy
(606) 666-7575
The company will concentrate all of its activity in rural Kentucky.

Community Trust Community Development Corp.
A subsidiary of Community Trust Bank, N.A.
Headquarters: Pikeville, Ky.
Allocation: $7 million
Contact: Kevin Stumbo (606) 432-1414
The organization will concentrate its activities in central, eastern and southern Kentucky.

Community Ventures Corp.
Headquarters: Lexington, Ky.
Allocation: $12 million
Contact: Kevin Smith (859) 231-0054
CVC will be serving low-income communities throughout Kentucky.

Enterprise Corp. of the Delta
Headquarters: Jackson, Miss.
Allocation: $15 million
Contact: William Bynum (601) 944-1100
Investments will be made in Arkansas, Louisiana, Mississippi and Tennessee.

First State Development Corp.
A subsidiary of First State Bank
Headquarters: Union City, Tenn.
Allocation: $7 million
Contact: John Clark (731) 886-8851
First State will focus its activities on Fulton County in Kentucky and Lake and Obion counties in Tennessee.

Bridges is a regular review of regional community and economic development issues. Views expressed are not necessarily those of the St. Louis Fed or Federal Reserve System.

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