Kohl: $420 Million For Financial Institutions To Help Low-Income Areas in Wisconsin

10/30/09 -- WASHINGTON – Today, U.S. Senator Herb Kohl announced that eight Wisconsin based financial institutions will receive New Market Tax Credits from the U.S. Department of the Treasury's Community Development Financial Institutions (CDFI) Fund. These tax credits will provide financial backing for local businesses and organizations to support low-income community development in projects statewide.

Waveland Community Development, LLC - $100 million

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First-Ring Industrial Redevelopment Enterprise, Inc. - $70 million

Wisconsin Community Development Legacy Fund, Inc. - $85 million J

ohnson Community Development Company. - $50 million

M&I New Markets Fund, LLC - $40 million

Wisconsin Business Growth Fund, Inc. - $35 million

Milwaukee Economic Development Corporation - $25 million

Urban Revitalization & Brownfield Redevelopment Fund - $15 million

"We must do everything we can to help revitalize and bolster community development and I am confident that these financial institutions and banks will put New Market Tax Credits to good use in areas of high need," Kohl said. "I am excited that CDFI is continuing to build upon their success in Wisconsin and working to help bolster our state's economy."

These organizations will utilize the New Market Tax Credits to invest in distressed local economies throughout Wisconsin. They will provide below market financing to community development projects and facilities, real estate, and businesses in Qualified Low-Income Communities and regions hit hard by the recession and job loss. Previous New Market Tax Credits have been successfully applied to vital projects such as affordable housing for families and seniors, as well as revitalization of neighborhoods that would otherwise remain blighted.

Source: Senator Herb Kohl