A subsidiary of Baton Rouge-based Stonehenge Capital is receiving $40 million in New Markets Tax Credits, and says the federal funds will be used to attract businesses and economic development to distressed and low-income communities across the country.
The tax credit program is administered by the U.S. Department of Treasury Community Development Financial Institutions Fund. In a news release, the firm says Stonehenge Community Development LLC will use the most recent NMTC allocation to “continue supporting operating companies that create high-quality jobs and foster inclusive economic development in distressed U.S. communities.”
Stonehenge, which invests in projects throughout the United States, received $25 million in NMTC last year and $55 million in 2014. The U.S. Treasury Department says $7 billion in NMTC is being awarded to 120 organizations this year, adding that’s the largest annual allocation since 2001.
Roughly $42 billion in NMTC have been invested in low-income communities since the program’s inception through fiscal year 2016. Along with Stonehenge, the Capital One Community Renewal Fund in New Orleans is being awarded $90 million in NMTC this year.
