Monday, April 18, 2005

New PICCED Report Released: New Markets Tax Credits: Issues and Opportunities

Subject: e-Alert: New PICCED Report Released
Date: 4/18/2005 11:09:27 A.M. Eastern Daylight Time
Sent from the Internet (Details)

Pratt Institute Center for Community and
Environmental Development (PICCED)
April 18, 2005

New PICCED Report Released:
New Markets Tax Credits:

Issues and Opportunities (PDF format)

The Pratt Center is pleased to release a report on the New Markets Tax Credit (NMTC) – the largest new federal subsidy for economic development in depressed urban and rural areas created in the past thirty years.

The report – written by P. Jefferson Armistead with support from the Taconic Foundation – explores how NMTC works and provides some insight into the program, early in its implementation. It includes case studies of ten NMTC deals from around the country, in which community developers are using the credits to:

• save a Maine paper mill from bankruptcy while dedicating 240,000 acres of forest for conservation;
• create an innovative shopping and community center in inner-city San Diego, with unprecedented levels of resident involvement in development and ownership;
• build charter schools and child care centers from New Brunswick to Los Angeles; and
• redevelop historic structures in weaker-market cities like St. Louis, Pittsburgh, and Baltimore.

While it is too soon to evaluate the success of the NMTC, early indications show that the program is stimulating the flow of investment capital into underserved communities. While the Bush Administration and Congress are considering deep cuts to Community Development Block Grants and other federal programs, this report highlights deals where federal subsidies are making a real difference in low-income areas.

The report also identifies areas where community development advocates must continue their efforts to improve and extend the NMTC program – creating pathways to good jobs, genuinely involving community residents in the process, better supporting small businesses – so it can best serve the needs of low-income people in distressed communities.

Read the full report available online at


Other recent news from the Pratt Center:

Testimony on the Greenpoint-Williamsburg Rezoning
Director Brad Lander presented testimony on April 4, 2005 to the City Council Zoning Subcommittee on how the proposed Greenpoint-Williamsburg rezoning can do a better job at guaranteeing affordable housing, promoting good jobs, and creating public open space.

Issue Brief on a Prevailing Wage Requirement for Building Service Workers in the Greenpoint-Williamsburg Rezoning Area.

After a thorough review of proposed legislation, PICCED recommends the adoption of a bill that applies prevailing wage standards to New York City subsidies for newly constructed residential buildings in Greenpoint-Williamsburg.

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