March 24, 2006
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Assistant Secretary Henry Heads to New York to Discuss
Economic Investment in Low Income Communities

Assistant Secretary for Financial Institutions Emil Henry will give the keynote address for the Community Development Venture Capital Alliance Annual Conference in New York City Tuesday, March 28.  Assistant Secretary Henry will discuss the New Market Tax Credit (NMTC), which encourages business investment in low-income communities.

 Treasury's CDFI Fund, which administers the NMTC Program, reported today that in 2004 almost $1.3 billion was invested into the nation's low-income communities as a result of NMTC and that more than 90 percent of these loans and investments went to communities that have higher levels of distress than the program's threshold requirements.  All of these loans and investments were made at better than market rates and terms.

Treasury is reviewing applications for more than $4 billion in allocation authority under the 2006 round of the NMTC program, including a recently announced $600 million increase specifically to rebuild communities ravaged by Hurricane Katrina.

 Media are asked to register with CDVCA by calling Michael Robinson at (917) 856-0458.

 Who              
Assistant Secretary for Financial Institutions Emil Henry

 What             
Keynote Address on New Market Tax Credit

 When             
Tuesday, March 28, 12 pm (EST)

 Where          
 Community Development Venture Capital Alliance Annual Conference
Marriott Marquis, Marquis Ballroom, 9th Floor
1525 Broadway
New York, NY