VIEWS: 10 PAGES: 3 CATEGORY: Business & Economics POSTED ON: 6/26/2010
After exhausting efforts with traditional lenders, the developer determined that the cost of capital was prohibitive. But upon speaking with a non-traditional lender, the developer determined that the site was NMTC-eligible with the potential for historic rehabilitation credits. The developer went back to several of the original lenders that bypassed his project to seek another review. Two of the in-state lenders had subsidiaries approved as CDEs with NMTC allocations available for lending.
The New Markets Tax Credit: The "Forgotten" Incentive Anthony Masino Area Development Site and Facility Planning; Dec 2009/Jan 2010; 44, 7; Docstoc pg. 74
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