Las Vegas to get $55 million in tax credits to encourage investment in low-income areas
The city of Las Vegas will receive $55 million in federal New Markets Tax Credits to invest in low-income communities.
The U.S. Treasury Department’s New Markets Tax Credits program encourages investment in traditionally underserved communities by providing developers with a tax credit when they invest in low-income areas.
The city formed the Las Vegas Community Investment Corporation to facilitate investment in owner-occupied commercial real estate projects, with a focus on those involving manufacturing, mixed-use, education and health care. A typical project would range from $5 million to $15 million.
In a statement, Las Vegas Mayor Carolyn Goodman called the funds “the energizer we have been waiting for.”
Before this installment, the LVCIC received $28 million in New Markets Tax Credits in 2014. The majority of those federal funds were used to restore the Historic Westside School, and for a new permanent location for the Nevada Supreme and Appellate courts in downtown Las Vegas.
The Historic Westside School rehabilitation, including modern office and retail space for businesses and nonprofits and restoration of the exterior appearance, was completed this summer. The new Nevada Supreme and Appellate courts building is under construction on the southeast corner of Clark Avenue and Fourth Street. The courthouse is expected to open early next year.