OREANDA-NEWS. Chase announced today that it received \$60 million in the latest round of New Markets Tax Credit allocations to continue to invest in development projects in low-income communities.

Over more than a decade, Chase has invested in \$5 billion of program-eligible activities supporting a diverse range of projects from job creation and health care to affordable healthy food and education, including:

  • Revitalizing a long-vacant building in downtown Jacksonville, Fla., into a center for nonprofits to foster collaboration and growth
  • Expanding a charter school to serve 320 students in West Oakland, Ca.
  • Building a 44,000-square-foot "green" health clinic serving low-income families in southern Dallas

"We celebrate all the positive impacts that the New Markets Tax Credit program has generated in our communities and are inspired to continue investing," said Matt Reilein, head of the New Markets Tax Credit Group at Chase. "It provides crucial financing in low-income communities across the country, fostering collaborations with local governments, CDFIs, non-profits and businesses to stimulate economic activity."

This month, the U.S. Department of the Treasury allocated \$3.5 billion in New Market Tax Credits to 76 organizations serving underserved populations and distressed communities. Chase has received nine tax-credit awards totaling \$600 million since Congress created the program in 2000 to spur investment in businesses and real estate projects in low-income communities.