WASHINGTON, DC - U.S. Senators Bob Casey and Arlen Specter today announced that the U.S. Department of the Treasury has allocated $90 million in tax credits to The Reinvestment Fund, Inc. (TRF), for community and economic development as part of the American Recovery and Reinvestment Act (ARRA).
“I’m pleased that The Reinvestment Fund is receiving tax credits through the Recovery Act so it can continue its economic and community development work on behalf of the people of Philadelphia,” said Senator Casey. “The work done by The Reinvestment Fund is a shining example of the way an organization can have broad positive influences in the community.”
“The awarding of tax credits to The Reinvestment Fund is yet another example of the Recovery Act hard at work in Pennsylvania,” Senator Specter said. “The Reinvestment Fund’s ability to provide educational and economic opportunities will serve as an example to both the region and the state.”
“TRF is delighted to receive this allocation and to be able to continue to support a broad variety of projects ranging from supermarkets to schools in low-income communities. With $111 million of our prior allocations going to projects in Pennsylvania, these credits have made possible the kind of services and opportunities that matter for Pennsylvania’s communities,” shared Jeremy Nowak, TRF's President and CEO upon learning of the allocation.
TRF will use its allocation to target three specific project types capable of high impact in low-income communities: schools offering educational opportunity, supermarkets increasing access to affordable fresh foods and other commercial real estate projects that build on existing neighborhood assets. A single financing product will be offered to eligible businesses in all three niches.
TRF is a Community Development Entity (CDE) that has been selected to receive an allocation of tax credits under the New Markets Tax Credit Program (NMTC) administered by the U.S. Department of the Treasury’s Community Development Financial Institutions Fund. The NMTC Program allocates tax credits to CDEs that make investments in low-income communities. TRF is one of 99 CDEs selected to receive an aggregate total of $5 billion under the 2009 round of the program, including $1.5 that was authorized by Congress under the ARRA. The Reinvestment Fund, Inc. is one of 24 CDEs selected to receive the final $1.5 billion authorized by the ARRA.