$55 Million Tax Credit for Princeton Organization to Jumpstart Economic Activity

$55 Million Tax Credit for Princeton Organization to Jumpstart Economic Activity


By:  Andrew Bellano
Patch


CCG Community Partners, LLC in Princeton has been awarded $55 million as part of a program to attract private investment and spur economic activity in low income communities throughout the state, according to U.S. Senators Bob Menendez and Cory Booker.

The money was part of a total of $170 million through the Community Development Financial Institutions (CDFI) New Markets Tax Credit Program (NMTC). This federal tax credit helps finance projects by allowing investors to make larger investments than would otherwise be permitted.

Organizations that receive the tax credit allocation authority under the program are domestic corporations or partnerships that provide loans, investments, or financial counseling in low-income urban and rural communities.

The tax credit provided to the investor totals 39 percent of the cost of the investment and is claimed over a seven-year period.

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