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 facilitiesein low-income areas, was one of 32 organizationsx competitively picked to get a total of $1.5 billio in New Markets Tax Credits through the stimuluas package. The $90 million in credits, which aim to help retaih and generate jobs and forge economic developmenyt indistressed communities, will help NCB Capitakl Impact and its partners create 1,0009 new jobs, 3,000 new school seats for low-incomse children, 100 units of workforces housing, and provide 25,000 working families with affordable health care across the U.S., said NCB.
Sinc e mid-2005, NCB Capital Impact has closedon $205 million in credif transactions that have leveraged over $500 million in capitall for underserved populations. NCB used fundas to help Media and Technology Charter High in Boston reduce its debt service costs by40 percent. Last NCB Capital Impact gave out arecore $208.1 million for education, health care and affordablre homeownership programs that benefit low- and middle-incom communities nationwide. The New Markets Tax Credit Program, created by Congresd in 2000, lets individual and corporatse taxpayers receive a credit against federaol income taxes for makintg qualified equity investments ininvestment vehicles.
Other locao organizations to get fundingwere McLean-based Capitaol One Community Renewal Fund LLC, whicuh received $90 million, and McLean-based Solomonj Hess Loan Fund LLC, which received $50