$100 Million In 'New Market'
Tax Credits for Wisconsin
WASHINGTON -- U.S. Senator Herb Kohl today announced that the Wisconsin Community Development Legacy Fund - a partnership of public and private entities that provides financial and technical assistance to communities - has been awarded $100 million in "new market" tax credits under the Department of the Treasury's Community Development Financial Institutions Fund.
The New Markets Tax Credit Program enables taxpayers to receive a tax credit for making investments in community development. Earlier this year, Kohl had contacted the Department of Treasury on the Legacy Fund's behalf.
"The Wisconsin Community Development Legacy Fund has played a key role in efforts to confront our state's economic challenges," Kohl said. "With the assistance of these tax credits, the private and public members of the consortium will be able to make important investments in urban and rural communities throughout Wisconsin, these New Market tax credits will have a direct benefit to revitalization efforts in our state."
The Wisconsin Community Development Legacy Fund (WCDLF) is sponsored by the Wisconsin Housing and Economic Development Authority, Legacy Bank, and Impact Seven, Inc. The fund's investors include Bear Stearns, Merrill Lynch, Johnson Bank, North Milwaukee State Bank, US Bank, Park Bank, and Community Bankers of Wisconsin.
WCDLF directors consist of the Wisconsin Women's Business Initiative Corp., the City of Milwaukee Department of City Development, Menomonee Valley Partners, the Wisconsin Department of Commerce, WISPARK, the Greater Milwaukee Committee, the City of Kenosha, the Dane Fund, UMOS, and Racine County Economic Development Corporation.
Among the development projects the consortium plans to undertake using today's tax credits are low-income housing, historic preservation, beneficial retail investment to create jobs in distressed areas, lending to minority- and women-owned businesses, community health clinic expansion, the development of the Pabst City project in Milwaukee, the Lake Country Dairy Project in Barron County, and brownfield clean up.
Areas that would benefit from these projects include Milwaukee, Dane, Rock, Racine, Kenosha, Sheboygan, Barron, and Ashland counties.
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