May 31, 2006
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Treasury Secretary to Announce $306 million in PA Community Development Awards

U.S. Treasury Secretary John W. Snow will join U.S. Senator Rick Santorum and Community Development Financial Institutions (CDFI) Fund Director Arthur A. Garcia in Philadelphia, Penn. on Thursday, June 1 to announce $306 million in tax credits awarded to Pennsylvania organizations under the 2006 round of the New Markets Tax Credits (NMTC).

The NMTC Program attracts private-sector capital investment into the nation's urban and rural low-income areas to help finance community development projects, stimulate economic growth and create jobs.  Secretary Snow and Treasury officials will announce $4.1 billion in tax credits awards across the country that day, including $600 million allocated specifically for the redevelopment of the Hurricane Katrina Gulf Opportunity Zone (GO Zone). 

Who:
Treasury Secretary John W. Snow

What:
$306 million Tax Credit Award to PA Organizations

When:
Thursday, June 1  4:00 p.m.

Where:
The Enterprise Center
4548 Market Street
Philadelphia, PA

About the New Markets Tax Credit Program
The NMTC Program, established by Congress in December 2000, provides individual and corporate taxpayers with a credit against federal income taxes for making qualified equity investments in investment vehicles known as Community Development Entities (CDEs). Substantially all of the taxpayer's investment must be used by the CDE to make qualified investments supporting certain business activities in low-income communities.  More information on the NMTC program can be found at www.cdfifund.gov.

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