BOUCHER ANNOUNCES $15 MILLION IN FEDERAL TAX CREDITS TO IMPROVE HEALTH CARE IN SOUTHWEST VIRGINIA

          (Washington, D.C.) - U.S. Representative Rick Boucher announced today that at his urging, the U.S. Department of the Treasury through its New Market Tax Credit Program is awarding $15 million in tax credit allocation authority to Virginia Community Capital, Inc. located in Christiansburg.

             The New Market Tax Credit program is designed to attract and encourage private investment in low-income communities. Investors will provide a total of $15 million in capital to Virginia Community Capital, which will use the funds invested to make available low interest loans to health care facilities which serve low income residents. The investors will receive a tax credit against their federal income tax equal to 39 cents for each dollar invested as a result of the designation announced today.

"With the benefit of the New Market Tax Credit allocation authority announced today, Virginia Community Capital will be in a strong position to provide low interest loans to healthcare facilities throughout Southwest Virginia and the rest of the state," Boucher said.

              The low interest loans will be made to health care facilities which provide high quality health care services to low income residents. The loans can be used for the construction of new buildings or to improve or expand existing clinics.

            "I am pleased that the U.S. Department of the Treasury has designated this tax credit allocation authority to Virginia Community Capital. The new clinics financed by Virginia Community Capital will provide vital health care services to residents across Virginia," Boucher concluded.

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