Partnership gets $35 million in credits
By John Rebchook, Rocky Mountain News (Contact)
Published October 21, 2008 at 12:05 a.m.
The Colorado Growth and Revitalization Fund - a partnership between the Colorado Housing and Finance Authority, Denver and the Colorado Enterprise Fund - on Monday was awarded $35 million in New Market Tax Credits by the U.S. Treasury Department.
New Market Tax Credits are used to spur job growth and private-sector economic investment in traditionally underserved low-income areas in urban and rural communities.
The CGR Fund was one of 70 award recipients nationwide, and one of five recipients whose service area includes Colorado.
"New Market Tax Credits offer small business a flexible source of capital which is critical to making deals work," Roy Alexander, the CEO and executive director of CHFA, said in a statement. "This allocation of New Market Tax Credits will be particularly valuable in financing developments over the next few years given the current economic environment."
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