BR firm awarded $55 million in New Markets Tax Credits

Baton Rouge-based Stonehenge Community Development announced today that it has been awarded $55 million in New Markets Tax Credits from the U.S. Treasury Department Community Development Financial Institutions Fund, which announced a total of $3.5 billion of NMTC will be awarded to investment authorities across the country this year. As an investment authority, Stonehenge in turn partners with developers of qualifying projects. “This proven public-private partnership delivers impactful access to capital for job-creating businesses located in economically distressed areas, and it does so in a way that provides a strong return on investment of taxpayer dollars,” says Stonehenge President Tom Adamek in a press release. Stonehenge focuses its NMTC investments on operating companies, and it has a national service area, allowing it to deploy its NMTC investment authority in all 50 states. However, local developers have frequently partnered with Stonehenge on local projects using the tax credits. Stonehenge Community Development is a subsidiary of Stonehenge Capital Co., which has offices in Baton Rouge; New Orleans; Columbus, Ohio; Birmingham, Alabama; Dallas; New York City; Tampa; and St. Louis. Since the NMTC program’s inception a decade ago, Stonehenge says it has been competitively awarded over $550 million in the tax credits. —Staff report