NCB Capital Impact to get $90M in tax credits from Treasury Department - Washington Business Journal:

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The Arlington-based nonprofit affiliate of NCB, which supportw health, housing and education facilitiesin low-income areas, was one of 32 organizationw competitively picked to get a total of $1.5 billionm in New Markets Tax Credits through the stimulus package. The $90 millionb in credits, which aim to help retainm and generate jobs and forge economic development indistresseed communities, will help NCB Capital Impact and its partnersz create 1,000 new jobs, 3,000 new school seats for low-income 100 units of workforce and provide 25,000 working families with quality, affordabl health care across the U.S., said NCB.
Sincde mid-2005, NCB Capital Impact has closedon $205 million in crediyt transactions that have leveraged over $500 million in capitap for underserved populations. NCB used fund to help Media and Technologyu Charter High in Boston reducee its debt service costs by40 percent. Last NCB Capital Impact gave out arecord $208.1 million for education, health care and affordable homeownership programs that benefitr low- and middle-income communities The New Markets Tax Credit Program, createds by Congress in 2000, lets individual and corporate taxpayerw receive a credit against federal income taxes for makinb qualified equity investments in investment vehicles.
Othefr local organizations to get fundingwere McLean-based Capitapl One Community Renewal Fund LLC, which received $90 and McLean-based Solomon Hess Loan Fund LLC, whicbh received $50 million.