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State department announces awarding of tax credit authority totaling $200 million

The state of Nevada Department of Business and Industry announced Friday that it has awarded tax credit authority totaling $200 million to seven community development entities.

The tax credit authority was issued under the Nevada new markets tax credit program which encourages economic development in low-income and distressed communities by making tax credits available to community development entities for targeted investments in eligible areas statewide.

Tax credit authority was issued to the following entities:

— Advantage Capital Partners, $32 million.

— Enhanced Capital Partners Inc., $32 million.

— KHC New Markets Fund LLC, $32 million.

— Stonehenge Community Development LLC, $32 million.

— The Clearinghouse CDFI, $8 million.

— Urban Development Fund LLC, $32 million.

— USBCDE LLC, $32 million.

The department will host a new markets tax credit roundtable from 1-4 p.m. Monday at the the Grant Sawyer Building, 555 E. Washington Ave., Suite 4500. The roundtable will provide an overview of the program and give local governments, Regional Development Authorities, private industry and others an opportunity to connect with and introduce qualified projects to the award recipients for potential funding.

For more information about or to attend the NMTC Roundtable, please contact Kent Steadman at (702) 486-3755 or ksteadman@business.nv.gov.

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