Two entities in the Kansas City area each received $55 million in authority from the U.S. Treasury Department’s Community Development Financial Institutions Fund to issue New Market Tax Credits, which are designed to spur economic growth in distressed areas.
AltCap and Central Bank of Kansas City received the allocations and will use them to provide loans, investments or financial counseling in low-income urban and rural communities.
AltCap, which is limited to a local service area that covers the Missouri counties of Cass, Clay, Jackson, and Platte, last received $38 million in NMTC allocations in 2013, of which $8 million remains available. It has received a total of $213 million since 2008.
Central Bank last received $80 million in NMTC allocations in 2016, of which $26 million remains available. The bank has a multistate service area that includes Illinois, Kansas and Missouri. Since 2007, Central Bank has received a total of $406 million in NMTC allocations.
There were 230 applicants for the $3.5 billion in New Market Tax Credits. A total of 73 entities in 29 different states were awarded credits.
Read more: Kansas City Business Journal