Conyers Announces $27 Million for Wayne County
in New Market Tax Credit Funds

Washington D.C. - Today, U.S. Representative John Conyers commented on the Department of Treasury's announcement of New Market Tax Credit Community Development grants released today:

"I am happy that I could assist in securing these funds for Wayne County, Detroit, and the entire 14th Congressional District. The New Market Tax Credit Program has been a tremendous success and these funds are vital to the redevelopment of our neighborhoods, downtown Detroit, and industrial infrastructure and facilities.

"These funds provide direct investment into our community and to communities like ours throughout this nation. They provide opportunity for neighborhood redevelopment and will help neighborhoods to attract and retain residents by investing in commercial developments, such as grocery stores and laundromats.

"The New Markets Tax Credit (NMTC) Program permits taxpayers to receive a credit against Federal income taxes for making qualified equity investments in designated Community Development Entities (CDEs). Substantially, all of the qualified equity investments must in turn be used by the CDE to provide investments in low-income communities. Nationally, 62 organizations were awarded an aggregate total of $3.5 billion in NMTC allocation authority. A Wayne County CDE received $27 million in NMTC allocation authority.

"NMTC funds will become available through direct lending products such as low interest loans, subordinated financing, and equity investments. I am proud to have had a hand in securing these funds. I will continue to work hard in Washington to secure projects which will improve our quality of life in Wayne County."

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