Legacy Economic Growth Fund has been awarded $60 million of New Markets Tax Credits by the CDFI Fund, an arm of the US Treasury, under the 2020 Allocation Round.
Legacy Economic Growth Fund is a nationwide Community Development Entity (CDE), with New Markets Tax Credit authority. Legacy Economic Growth Fund has been awarded $60 million of New Markets Tax Credits by the CDFI Fund, an arm of the United States Department of Treasury, under the 2020 Allocation Round.With this allocation award, Legacy Economic Growth Fund will provide small business loan products and larger equity equivalent loans to facilitate community development in highly disadvantaged neighborhoods, primarily in minor-urban and rural areas within the targeted service area.
The NMTC Program is a powerful federal economic development tool designed to promote development into America’s underserved and distressed communities. New Markets Tax Credits (NMTCs) generate private equity when leveraged with other sources of capital to create flexible financing structures for projects in these areas. Federal data show that for every dollar of allocation provided under the NMTC program, an additional $8 of private investment is leveraged for the economic development of these communities.
“We are excited to have been selected by the CDFI Fund to be a steward of this very important economic resource. It comes to us at a time when our communities are significantly in need of access to flexible capital options to support recovery and resiliency. Working together with community partners, we foresee truly exceptional opportunities to stimulate long term growth and stability,” said John Everett, Chief Executive Officer of Legacy Economic Growth Fund.
“This allocation award provides Legacy Economic Growth Fund with significant resources to aid small businesses and support the vision of our communities as they strive to stabilize and grow,” noted Brandon Taylor, President of Legacy Economic Growth Fund. “So much has happened to impair our low-income communities since the advent of the pandemic. We are looking forward to bringing this resource to bear in our efforts to support positive forward moving change.”
Legacy Economic Growth Fund is a nationwide Community Development Entity (CDE), with New Markets Tax Credit authority. Legacy Economic Growth Fund has been awarded $60 million of New Markets Tax Credits by the CDFI Fund, an arm of the United States Department of Treasury, under the 2020 Allocation Round.With this allocation award, Legacy Economic Growth Fund will provide small business loan products and larger equity equivalent loans to facilitate community development in highly disadvantaged neighborhoods, primarily in minor-urban and rural areas within the targeted service area.
The NMTC Program is a powerful federal economic development tool designed to promote development into America’s underserved and distressed communities. New Markets Tax Credits (NMTCs) generate private equity when leveraged with other sources of capital to create flexible financing structures for projects in these areas. Federal data show that for every dollar of allocation provided under the NMTC program, an additional $8 of private investment is leveraged for the economic development of these communities.
“We are excited to have been selected by the CDFI Fund to be a steward of this very important economic resource. It comes to us at a time when our communities are significantly in need of access to flexible capital options to support recovery and resiliency. Working together with community partners, we foresee truly exceptional opportunities to stimulate long term growth and stability,” said John Everett, Chief Executive Officer of Legacy Economic Growth Fund.
“This allocation award provides Legacy Economic Growth Fund with significant resources to aid small businesses and support the vision of our communities as they strive to stabilize and grow,” noted Brandon Taylor, President of Legacy Economic Growth Fund. “So much has happened to impair our low-income communities since the advent of the pandemic. We are looking forward to bringing this resource to bear in our efforts to support positive forward moving change.”