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February 24, 2011

Ninety-nine Organizations Share $3.5 Billion in 2010 New Markets Tax Credit Awards
On February 24, 2011, Community Development Financial Institutions Fund (CDFI) Director Donna Gambrell, along with Maryland Congressman Elijah Cummings, announced the selection of 99 organizations across the country to receive New Markets Tax Credit (NMTC) allocation awards under the 2010 program round. These awards will leverage billions of dollars of investment into businesses and real estate projects in communities with high rates of poverty and unemployment. The announcement was made in Baltimore, Maryland at Humanim, Inc., a nonprofit organization providing workforce development, mental health and other services to those in need in Maryland. Humanim was a previous beneficiary of the NMTC program. The 99 organizations receiving awards were selected from a pool of 250 applicants that had requested over $23.5 billion. The organizations are headquartered in 27 different states and the District of Columbia. They have identified principal service areas covering nearly every state in the country as well as the District of Columbia.

Established by Congress in December 2000, the NMTC Program provides individual and corporate taxpayers with a credit against federal income taxes for making equity investments in projects designed to benefit low-income and distressed communities. To date, more than $20 billion of private-sector capital has been invested through the NMTC into lowincome communities throughout the country, helping to create or retain jobs and provide residents with access to quality education, health care, job training, housing and retail services. If you have any questions or want additional information on the New Markets Tax Credit Program, please contact Gary Perlow, Director, New Markets Tax Credit Practice, at gary.perlow@reznickgroup.com .

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