Members of Parker Poe’s New Markets Tax Credit (NMTC) practice team, attorneys Tyler Smith and Scott Manning, recently assisted the Women’s Center and Shelter of Greater Pittsburgh (WC&S) in a significant expansion and rehabilitation project. The availability of new markets tax credits will assist the WC&S in making much needed renovations and expanding the services and programs that WC&S offers to abused women and their children. Last year, due to limited space, the shelter had to turn away more than 400 women and children in need of emergency shelter. The project initiative will thus expand the shelter from 36 to 48 beds and enhance living spaces to better accommodate more than 6,000 women and children that the shelter serves each year.
“On behalf of the Parker Poe New Markets Tax Credit team, we could not be more proud to have assisted in a financing project that will help continue the 40-year legacy of the Women’s Center and Shelter,” says Tyler Smith. “We look forward to continuing our work within the NMTC program and with transaction participants, including borrowers, tax credit investors and community development entities, in facilitating financial support for such noble projects.”
About the New Markets Tax Credit Program
The NMTC program, administered by the Department of the Treasury, was established by Congress in 2000 to incentivize increased investments in operating businesses and real estate projects (whether non-profit or for-profit) located in low income communities or serving targeted low income populations. The NMTC program provides a 39% tax credit against federal income tax obligations in exchange for the making of investments in specialized financial institutions called “community development entities” (CDEs).
About the Parker Poe New Markets Tax Credit Team
The Parker Poe NMTC practice team is prepared to assist borrowers and other NMTC financing participants across the country. Parker Poe can also be engaged to supplement the services of a borrower’s day-to-day counsel when such counsel are not versed in the intricacies of NMTC transactions.
For more information please contact E. Tyler Smith, Esq., Special Counsel, at tylersmith@parkerpoe.com or 864-577-6364. To learn more about Parker Poe’s New Markets Tax Credit team, please visit our webpage.