Self-Help awarded tax credits in federal program to spur investment
DURHAM – Self-Help Ventures Fund in Durham has been awarded $25 million in tax credits that it can, in turn, use to try to attract private capital investments in low-income or distressed areas.
The institution was one of three in the state awarded a slice of $120 million in New Market Tax Credit authority from the U.S. Department of the Treasury’s Community Development Financial Institutions Fund, according to a news release from the treasury’s Office of Public Affairs.
“The New Markets Tax Credit addresses one of the most significant obstacles to economic development that low-income communities face: a lack of access to patient, private investment capital,” said Treasury Assistant Secretary for Financial Institutions Cyrus Amir-Mokri, in a statement in the release.
The tax credit program was established by Congress in December of 2000. It allows individual and corporate taxpayers to get a credit against their federal income taxes for making equity investments in community development entities.