New Market Tax Credit
Central Bank of Kansas City . . . Revitalizing the Urban Core With New Markets Tax Credits
Central Bank of Kansas City Inc, (Central Bank) is a community bank with a long and successful history of business lending and outreach, based on a strategy to revitalize the urban core and build wealth in low-income neighborhoods. Central Bank has been recognized for its investment in distressed areas by the CDFI Fund and has been a certified CDFI since 1998.
The New Markets Tax Credit Program (NMTC) was designed by Congress to attract private-sector capital investment into the nation's low-income areas to help stimulate economic growth and create jobs by financing community development projects and business expansion. This program was established by Congress in December 2000 as a credit against federal income taxes for making qualified equity investments in investment vehicles known as Community Development Entities (CDEs).
CBKC and its affiliates have announced the seventh successful NMTC award of $80 million with a total of $351 million since the first award in 2007. The qualified equity investments are targeted to low-income communities--investments that will help finance more community development projects, stimulate economic growth and create jobs, which in turn will strengthen the economic base of our communities and empower residents and businesses already there.
For more information about New Market Tax Credits, please contact Bill Dana, Jr., President and CEO of Central Bank of Kansas City, 816-483-1210 or firstname.lastname@example.org.