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No. 2016 designating the NNDA, declaring the NNDA to be blighted, approving a development plan and conditions under which relocation payments will be made, and establishing an allocation area for purposes of TIF
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No. 2016 designating the NNDA, declaring the NNDA to be blighted, approving a development plan and conditions under which relocation payments will be made, and establishing an allocation area for purposes of TIF
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homeownership financial and technical assistance, including tax abatement <br />on new residential construction, forgivable grants and loans for first -time <br />homebuyers, downpayment and rehabilitation assistance, as well as <br />financial assistance for small business in the form of gap financing loans. <br />Funding sources of these activities include the HOME program, the LEND <br />program, the Community Development Block Grant program, Community <br />Homebuyers Corporation, Small Business Assistance and the Business <br />Development Corporation, among others. <br />3. New Markets Tax Credits <br />Despite the significant retail purchasing power of residents, it is a fact that <br />many urban neighborhoods are underserved by retail and commercial <br />enterprise. Lack of access to capital and technical expertise are the <br />reasons more businesses are not started in these areas, not lack of market <br />potential. <br />To address the apparent market failure, the New Markets Tax Credit <br />(NMTC) program was created as part of the Community Renewal Tax <br />Relief Act of 2000 to encourage investment in low- income communities. <br />The federal program is designed to generate $15 billion in new private <br />sector investments in low- income communities across the country. <br />The NMTC program permits tax - paying entities to receive a credit against <br />federal income taxes for making equity investments in designated <br />community development entities. The equity investments are then used to <br />revitalize distressed areas through various community and economic <br />development strategies, examples of which include financing for needed <br />community facilities; commercial loans and investments to start or expand <br />small businesses; or financial services needed by low- income households <br />and local businesses. <br />Qualifying low- income areas are determined by census tract. Nearly all <br />land area within the Northeast Neighborhood Development Area will <br />qualify for investment opportunities utilizing New Markets Tax Credits as <br />incentives to investors and developers. Partnering with financial <br />institutions and community development entities that seek development <br />projects in NMTC - eligible areas will be advantageous in structuring <br />financially feasible redevelopment project activities. <br />B. Funding Plan <br />A Development Area Plan is an outline of both near- and long -term development <br />goals, objectives, strategies and activities that will, over time, positively impact an <br />29 <br />
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