Hogsett Announces New Market Tax Credit Projects
INDIANAPOLIS - Indianapolis Mayor Joe Hogsett has announced his support of four projects to share in $55 million in New Market Tax Credit funding. The recipients include the Madam Walker Legacy Center, Wheeler Mission Center for Women and Children, 16 Tech Citizens Shop and RecycleForce.
The NMTC program incentivizes private investors, who receive tax credits in exchange for qualified equity investments in local projects in severely distressed census tracts.
“All four of these projects have the potential to strengthen our city as a whole while lifting neighborhoods full of potential,” said Hogsett. “The New Markets Tax Credits program has proven to be one of the most effective tools in making community development projects not only a possibility, but a success.”
Projects that recieve funding go through the NMTC Advisory Board and then are voted on by the NMTC Board of Managers.