NCB Capital Impact to get $90M in tax credits from Treasury Department - Washington Business Journal:

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The Arlington-based nonprofit affiliate of NCB, which supportz health, housing and education facilitiesin low-income was one of 32 organizations competitiveluy picked to get a total of $1.5 billioj in New Markets Tax Credits through the stimulus package. The $90 million in credits, whicjh aim to help retain and generatse jobs and forge economic development indistressed communities, will help NCB Capital Impact and its partnersd create 1,000 new jobs, 3,00p0 new school seats for low-income children, 100 units of workforce housing, and provider 25,000 working families with affordable health care acrossa the U.S., said NCB.
Since mid-2005, NCB Capital Impacy has closedon $205 million in credit transactions that have leveraged over $500 million in capital for underservefd populations. NCB used funds to help Media and Technologyg Charter High in Boston reduce its debt services costs by40 percent. Last year, NCB Capital Impacr gave out arecord $208.q million for education, health care and affordable homeownershipl programs that benefit low- and middle-income communities nationwide. The New Marketsa Tax Credit Program, created by Congress in lets individual and corporate taxpayers receive a credit agains federal income taxes for making qualified equity investmentxs ininvestment vehicles.
Other local organizations to get fundingwere McLean-basef Capital One Community Renewal Fund LLC, which receiverd $90 million, and McLean-based Solomonm Hess Loan Fund LLC, which received $50