Self Help CU Gets New Markets TaxCredit
WASHINGTON - (05/12/05) -- The Treasury Department saidWednesday it had awarded 41 organization a total of $2 billion intax credits under the New Markets Tax Credit Program, including thefirst credit union organization. The program, part of Treasury'sCommunity Development Financial Institutions Program, is aimed atattracting private-sector capital into low-income communities tohelp finance development projects, stimulate economic growth andcreate jobs. Self Help Ventures Fund, a subsidiary of Self Help CU,will receive $95 million in tax credits to expand its secondarymarket program for non-conforming mortgages in North Carolina,Florida, Georgia, New York, Texas, Virginia and Washington, D.C.The award will allow the for-profit arm of Self Help CU to receivea credit against federal income taxes over seven years for makingequity investments in qualified investment vehicles known asCommunity Development Entities. Self Help CU has been a majorpartner with the CDFI program, and has received several grants fora variety of programs during the program's 10-yearexistence.