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(EMAILWIRE.COM, May 26, 2009 ) WASHINGTON – Just 100 days since the President signed into law the American Recovery and Reinvestment Act (Recovery Act), Treasury Secretary Tim Geithner will travel to Massachusetts to announce the national recipients of $1.5 billion in New Markets Tax Credit Program awarded under the Recovery Act. Secretary Geithner will make the announcement, including tax credits for investments in the Boston area, before a group of local community development investors and lenders, elected officials, community leaders, and beneficiaries of investments financed with New Markets Tax Credits in the Boston community.
Designed to save and create jobs and economic recovery in distressed communities, New Markets Tax Credits are frequently a critical piece of financing needed to complete vital real estate development projects and fund businesses in rural and urban communities across the nation. The Recovery Act authorizes $1.5 billion in new tax credit allocations for Community Development Entities that applied under the 2008 award round; Treasury will release the national list of recipients on Wednesday.
WHO: Treasury Secretary Tim Geithner
Local elected officials, community leaders and New Markets Tax Credit award recipients
WHEN: Wednesday, May 27, 2009
12:00pm Eastern
WHAT: Announcement of national New Markets Tax Credit recipients under the Recovery Act
WHERE: Project Hope Community Building
550 Dudley Street
Roxbury, MA
PLEASE NOTE: Members of the press are asked to RSVP to Scott Berman at bermans@cdfi.treas.gov.
A photo opportunity for still photographers and TV cameras will be available on Secretary GeithnerÂ’s arrival at Project Hope. Interested members of the media should arrive by 11:30 am.
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