New Markets Tax Credit News Briefs – March 2019

Friday, March 8, 2019

Callen-Lorde Community Health Center announced in mid-January the planned $18.2 million expansion with a new facility in Brooklyn. Primary Care Development Corporation (PCDC) provided $6 million in debt financing and $8 million in federal new markets tax credits (NMTCs). The 25,000-square-foot clinic will be the first development to be funded through the state Community Health Care Revolving Capital Fund. The $19.5 million fund was created last year through a public-private partnership between the state and PCDC, and will provide $2.5 million to Callen-Lorde. The facility is expected to serve an additional 15,000 patients and create 100 full-time jobs.

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The Kentucky Department of Revenue revised and updated regulations, effective Feb. 4, for its new markets development program credit (NMDPC), with an application acceptance date of on or after July 15. Any application received before July 15 will be recorded as July 15. The Kentucky NMDPC has an annual statewide cap of $5 million and a transaction cap of $10 million. The updated regulation is available at www.newmarketscredits.com.

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