New Markets Tax Credit Program Will Help Organization Stimulate Economic Growth and Create Jobs in the 13th Congressional District

Detroit, MI — Congresswoman Carolyn Cheeks Kilpatrick (MI-13) today announced that the Invest Detroit Community Development Entity (CDE) has been selected to receive $40 million in allocation authority. The CDE will receive these funds through the New Markets Tax Credit Program, which helps communities across the country complete real estate development projects and fund local business development. The Invest Detroit CDE is one of 99 CDEs that will receive an aggregate total of $5 billion under the 2009 round of the program.

“I congratulate the Invest Detroit Community Development Entity on receiving this allocation authority,” said Congresswoman Kilpatrick. “Funds will be used to finance community development projects that will stimulate economic growth and create jobs. The Invest Detroit CDE will play an important role in helping rebuild our economy.”

The Invest Detroit CDE will support the development of commercial and mixed-use real estate in Detroit by expanding the availability, affordability, and access to commercial capital. Funds will be made available for real estate development, building improvements, inventory, equipment, and working capital. Invest Detroit will offer equity investments, equity-equivalent financing, below market debt financing, and debt that utilizes flexible and non-traditional rates and terms to nonprofits, minority owned businesses, and entrepreneurs.
  
The U.S. Department of the Treasury’s Community Development Financial Institutions (CDFI) Fund administers the New Markets Tax Credit Program. The CDFI Fund’s mission is to expand the capacity of financial institutions to provide capital, credit, and financial services to underserved populations and communities in the United States. For more information on the CDFI Fund, visit www.cdfifund.gov.