FOR IMMEDIATE RELEASE
October 22, 2008


Washington, D.C.—The U.S. Treasury Department recently announced the sixth round of New Market Tax Credits and in this cycle has awarded over a $120 million in tax credits to Louisiana businesses, Liberty Bank and Trust Company; Advantage Capital Community Development Fund, LLC and American Community Renewable Energy Fund, LLC.

“These tax credits will be a boon to our area--used as a vehicle to encourage investment—helping to finance development projects and spur economic growth. Through 2007, the New Market Tax Credit Program has made it possible for over $9 billion dollars of NMTC capital to be invested in over 50 states and in almost 2000 businesses and real estate ventures,” said Jefferson. “Liberty Bank and Trust Company, Advantage Capital Community Development Fund and American Community Renewable Energy Fund are three entities that want to foster entrepreneurship, the back bone of our area business owners, and have made investment in our area a priority. That type of dedication is admirable and commendable.” 
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The U.S. Department of the Treasury's CDFI Fund (www.cdfifund.gov) manages the NMTC Program, which has made 364 allocation awards totaling $19.5 billion in tax credit authority. This amount includes $1 billion set aside specifically for Hurricane Katrina recovery.