SOURCE: Stonehenge Capital Company

Stonehenge Capital Company

December 01, 2016 05:00 ET

Stonehenge Awarded $40 Million of New Markets Tax Credit Investment Authority by U.S. Treasury Department

Proven Public-Private Partnership Continues to Spur Economic Growth and Job Creation in Low-Income Areas throughout the United States

BATON ROUGE, LA--(Marketwired - Dec 1, 2016) - Stonehenge Community Development, LLC (Stonehenge) announced that it has been awarded a $40 million allocation in the federal New Markets Tax Credit (NMTC) program for the 2015-2016 allocation round.

Stonehenge Community Development has been a leading participant in the federal NMTC program since 2003. The company will use this latest allocation to continue supporting operating companies that create high-quality jobs and foster inclusive economic development in the country's most distressed communities.

"We are pleased to participate in this latest round of the NMTC program, as the resources will enable Stonehenge Community Development to continue the important work of making meaningful economic development oriented investments in our country's most distressed communities," said L'Quentus Thomas, Stonehenge Director of NMTC Investments.

The NMTC program attracts private business and development to distressed and low-income communities to spur economic growth and create jobs. $42 billion in New Markets Tax Credits have been invested in low-income communities since the program's inception through fiscal year 2016. 

More than $1.4 billion in New Markets Tax Credit investments will be made in non-metropolitan counties due to the recently awarded allocations, according to estimates from the U.S. Department of the Treasury Community Development Financial Institutions Fund, which administers the program.

"For the past 15 years, we have seen how the New Markets Tax Credit program improves the quality of life and economic prospects for low-income Americans," Community Development Financial Institutions Fund Director Annie Donovan said. "The historic $7 billion in tax credits awarded through the 2015-2016 round will support community projects and businesses nationwide."

Stonehenge Community Development is a subsidiary of Stonehenge Capital Company. More information about Stonehenge is available at http://www.stonehengecapital.com.

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