STL Development Corp. Gets Federal Tax Credits Allocation
Date Posted: November 22, 2016
Posted In: News,
From St. Louis Post-Dispatch: The St. Louis Development Corp. is getting a $75 million allocation of federal New Markets Tax Credits from the Treasury Department.
Also among recipients in the latest round of allocations, announced Thursday, are MBS Urban Initiatives CDE, part of St. Louis-based McCormack Baron Salazar, and Advantage Capital Community Development Fund.
Advantage Capital is based in New Orleans but has a big office in Clayton. The Treasury Department awarded Advantage $80 million in New Markets. MBS Urban Initiative got a $75 million allocation.
The credits awarded to local agencies don’t have to be invested in St. Louis although SLDC typically awards all its allocation to projects in the city. New Markets are a popular form of gap financing for real estate projects and of capital for growing small businesses.