May 31, 2006
js-4295

Snow, Treasury Officials to Announce $4.1 Billion in Community Development Awards Across U.S.

U.S. Treasury Secretary John W. Snow and Treasury officials will announce $4.1 billion in tax credits to be awarded to organizations investing in rural and urban low-income communities across the United States starting Thursday, June 1. Treasury officials will visit eight communities around the country to highlight awards under the 2006 round of the New Markets Tax Credit Program (NMTC), including $600 million allocated specifically for the redevelopment of the Hurricane Katrina Gulf Opportunity Zone (GO Zone). 

Treasury's NMTC visit schedule includes:

• Treasury Secretary John W. Snow
  Thursday, June 1 4:00 PM (EDT)
  The Enterprise Center
  4548 Market Street
  Philadelphia, PA
  Also attending: Community Development Financial Institutions (CDFI) Fund Director Art Garcia, U.S. Senator Rick Santorum
  
  
• Under Secretary for Domestic Finance Randal K. Quarles
  Thursday, June 1 9:00 AM (EDT)
  St. Paul AME Wellness Center
  639 East Long Street
  Columbus, OH
  Also attending: House Republican Conference Chairwoman, Congresswoman Deborah Pryce
  
  
• Deputy Assistant Secretary for Critical Infrastructure and Compliance Scott Parsons
  Thursday, June 1 1:30 PM (EDT)
  Merrill Lynch
  North Tower, 4 World Financial Center
  250 Vesey Street
  New York, NY
  
  
• Deputy Assistant Secretary for Financial Education Dan Iannicola
  Thursday, June 1 3:00 PM (CDT)
  Renaissance Place at Grand
  1001 Compton Ave.
  St. Louis, MO
  
  
• U.S. Treasurer Anna Escobedo Cabral
  Friday, June 2  2:30 PM (PDT)
  Market Creek Plaza Commercial and Cultural Center
  302 Euclid Ave.
  San Diego, CA
  
  
• CDFI Fund Director Art Garcia
  Monday, June 5 10:30 AM (CDT)
  The Empowerment Center
  327 North Boulevard
  Baton Rogue, LA
  
  
• CDFI Fund Director Garcia
  Tuesday, June 6 11:00 AM (CDT)
  The Magnolia
  1800 Magnolia Street
  New Orleans, LA 
  
  
• CDFI Fund Director Garcia
  Monday, June 6 1:30 (CDT)
  Coastal Family Health Center
  739 Division Street
  Biloxi, MS

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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