Carver Bancorp Inc. in New York said Monday that one of its units has received $25 million in tax credits to spur investments in low-income communities.
Carver Community Development Corp., a unit of the $743.6 million-asset Carver Federal Savings Bank, was one of nine financial institutions in New York that received the New Markets Tax Credits from the Treasury Department's Community Development Financial Institutions Fund.
The company received two prior allocations of tax credits — $65 million in 2010, and $59 million in 2006 — that were used to provide below-market loans to nonprofits, small businesses and real estate developers serving low-income neighborhoods in New York City and Newark, N.J.
The company said the tax credits are expected to support 600 permanent, full-time jobs, and another 500 temporary construction jobs.
"These investments serve as a vehicle for job creation and community revitalization and have afforded Carver CDC the ability to attract more than $70 million in private capital in our communities," Blondel Pinnock, the president of Carver CDC, said in a press release.