Feds to award billion$ for community development

 

 

 

SECRETARY GEITHNER TO ANNOUNCE $5 BILLION IN AWARDS

FOR COMMUNITY DEVELOPMENT NATIONWIDE, HIGHLIGHT NEED TO REBUILD ECONOMY STRONGER THAN BEFORE

Three Chicago Area Institutions to Receive

New Markets Tax Credit Awards

 

WASHINGTON – As part of an effort to highlight the local impact of the American Recovery and Reinvestment Act (Recovery Act) and the need to rebuild the foundation of the economy, Treasury Secretary Tim Geithner will travel to Chicago to announce billions of dollars in awards to spur private sector investment in communities facing economic challenges. 

 

The Secretary will make the announcement at 10:30am CT tomorrow at the Greater West Town Community Development Project, a job training center providing unemployed and underemployed individuals with the skills they need to compete. This center has benefitted from funding under the New Markets Tax Credit (NMTC) Program, which helps communities across the nation complete real estate development projects and fund local business development. As part of this round of NMTC Program awards, three Chicago area institutions will receive funds to invest in local development projects.

 

WHO:             Treasury Secretary Tim Geithner

                        Donna Gambrell, Director of Treasury’s Community Development Financial Institutions Fund

                        Local elected officials

                        Award beneficiaries

 

WHAT:          Announcement of New Markets Tax Credit Program awards

 

WHEN:          Friday, October 30th

                        10:30am Central

 

WHERE:        Greater West Town Community Development Project

                        2045 West Fulton Street

                        Chicago, IL

 

 

 

U.S. Department of the Treasury · 1500 Pennsylvania Ave, NW, Washington, D.C. 20220 · (202) 622-2000