Washington, D.C. – U.S. Senator Catherine Cortez Masto (D-Nev.) welcomed $45,000,000 awarded to the Las Vegas Community Investment Corporation to drive investment and economic growth in low-income urban and rural communities throughout Southern Nevada. The tax credits incentivize investors to channel investments and loans in economically distressed areas across the nation that could appear too risky.
“Local businesses are the backbone of our rural and urban communities across Nevada, but hardworking business-owners in low-income areas can have difficulties getting loans and investments they can afford. That’s why I’m always fighting to bring investments into the small businesses that need it most in the Silver State. I’m excited to watch job growth and public services strengthened from another critical investment in our urban and rural communities.”
BACKGROUND:
The New Market Tax Credit Program (NMTC Program) acts as a financial intermediary to attract investment capital to qualified businesses in low-income communities. These capital investments allow entities to make loans and investments to businesses in economically distressed areas that have better rates and more flexible features than the market, offsetting perceived risks of investing in those communities. Communities benefit from the resulting job growth, as well as the resulting improved access to services like public facilities, housing, health, technology, energy, education and childcare.
In the 2018 package of the NMTC Program, financed through the Community Development Financial Institution Fund (CDFI) of the U.S. Department of the Treasury, Nevada earned the following:
- $45,000,000 to the Las Vegas Community Investment Corporation (LVCIC)
This is the third award from the CDFI Fund for the LVCIC. Previous tax credits supported a $15 million face-lift of West Las Vegas’ Westside Grammar School, the first public school built in Las Vegas in 1923 at Washington Avenue and D Street. Tax credits also went to support construction of the Nevada Supreme and Appellate Courts building on the southwest corner of Clark Avenue and Fourth Street, adjacent to the federal court building in downtown Las Vegas. New Market allocations may include charter schools, food banks, hotels, manufacturing plants, solar farms, performing arts centers, medical clinics and mixed-use developments, which include a mix of multifamily and some retail.
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