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American Recovery and Reinvestment Act Program Guide
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New Markets Tax Credit
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| Progress Indicator |
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| Guidance Available |
Application Processes Open |
Application Processes Closed |
Award Processes Completed |
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| Federal Program Information |
| Federal Program Description |
Subsidies for long-term capital investment in order to foster job creation and community development in low-income communities throughout New York State, via interest-only loans at below-market rates, a portion of which may be forgiven upon maturity
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| CFDA Number |
Not Applicable- provided via Community Development Financial Institutions Fund |
| Assistance Type |
Financial assistance from the Federal government |
| ARRA Citation |
P. 238, Sec. 1403 |
| ARRA Reporting |
section 1512
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| Federal Agency |
Department of Treasury |
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| NYS Information |
| NYS Program Title |
New Markets Tax Credits |
| NYS Agency |
ESDC |
| Contact |
Kevin McLaughlin or Kay Wilkie |
| Email |
kmclaughlin@empire.state.ny.us or kwilkie@empire.state.ny.us |
| Phone |
607-721-8605 or 518-292-5270 |
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| Program Funding |
| National Total |
$5 billion for 2008, $5 billion for 2009 |
| NYS Share |
$30 million |
| Flow of Funds |
ESDC expects to originate 3 to 4 loans by the end of 2010, for qualified projects.
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| Deadline |
Dec. 2010 |
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| Awards and Outcomes |
| Website |
http://www.recovery.gov/transparency/pages/home.aspx?State=NY |
