Mayor Andre Dickens has recently announced that Invest Atlanta — through the organization’s community development entity Atlanta Emerging Markets Inc. (AEMI) — has been awarded a $45 million New Markets Tax Credit (NMTC) from the U.S. Department of Treasury.
Atlanta Emerging Markets Inc. will be using this federal allocation for the purpose of funding economic development projects throughout the city in an effort to create more employment opportunities and revitalize neighborhoods.
“Atlanta’s New Markets Tax Credit program is an invaluable investment made directly into our city, bringing new community centers to our neighborhoods and funding high-impact businesses that employ Atlantans,” Dickens said in a press release.
The NMTC program was started by U.S. Congress back in 2000 to attract investment into areas where low median income and high unemployment were prevalent.
This latest award is the second consecutive allocation AEMI has received through the City’s NMTC program. The program has brought in a total of $95 million in economic development funding to date, according to AEMI.
AEMI says that it is only one of four community development entities in all of Georgia to receive an award this year.
Some examples of recent NMTC investments AEMI has made includes $13 million to help develop the new headquarters for local nonprofit Trees Atlanta, $10 million to renovate the facilities of the Young Family YMCA, as well as $6.5 million for the financial redevelopment of Pittsburgh Yards — which will assist the community-driven development with its goal of creating a living-wage ecosystem for Atlantans.