Stonehenge Awarded Tax Credits by U.S. Treasury Department
Stonehenge Community Development, LLC has been awarded $85 million in New Markets Tax Credits (NMTC). The announcement was made in Washington, D.C. today by U.S. Treasury Deputy Secretary Robert Kimmitt and Treasury’s Community Development Financial Institutions (CDFI) Fund Director Donna Gambrell. The award was made as part of the $3.5 billion round of New Markets Tax Credits that were allocated for 2008. Stonehenge’s award is the largest in the state of Louisiana.
Stonehenge President Tom Adamek said, “We are very pleased that the CDFI Fund recognized our historical track record and commitment to investing in low income areas. We will use this award to continue funding that very important segment of the community which lacks affordable access to capital.”
Stonehenge Community Development is a subsidiary of Stonehenge Capital Company, LLC. It will use its NMTC award to invest in urban areas with an emphasis on minority owned businesses and non-profit organizations. Stonehenge was awarded $202.5 million previously in the 2004 and 2006 rounds and used those funds to invest in projects like the World War II Museum in New Orleans and the Children’s Bureau in Los Angeles.
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