- Posted June 09, 2014
- Tweet This | Share on Facebook
Federal tax credits coming for Michigan projects
DETROIT (AP) - A private organization will receive $28 million in federal tax credits for investments tied to a Detroit light rail project and related economic development in the city's downtown and Midtown.
The credits given to Invest Detroit are part of the Treasury Department's New Markets Tax Credit Program and were announced last Thursday by U.S. Sens. Debbie Stabenow and Carl Levin.
The program allows organizations and nonprofits use of the tax credits to attract investors, who help finance community development projects.
The Great Lakes Capital Fund will receive $35 million in credits for projects to revitalize neighborhoods across the state.
Virginia-based Capital Impact Partners is receiving $43 million to help support its national healthy food initiatives, including the Good Food Fund that seeks to increase access to healthy food for Michigan residents.
Published: Mon, Jun 09, 2014
headlines Oakland County
- Judge’s memorial unveiled
- Department of Justice indicts eight conspirators who threatened University of Michigan officials, businesses, and the Jewish Federation
- Michigan overdose death rate declines by 47 percent since 2021
- Nessel reminds residents to research home improvement offers
- Justice dept. encourages communities to apply for nearly $700m in grants to support law enforcement around the country
headlines National
- Bill Kurtis’ memoir tells how law school trained him for covering trials
- ACLU and BigLaw firm use ‘Orange is the New Black’ in hashtag effort to promote NY jail reform
- Justice Barrett’s home targeted in attempted swatting call
- Texting-and-driving charges dropped against woman without right hand
- Fender warns guitar makers to stop producing Stratocaster look-a-likes
- General counsel compensation climbs, aligned with equity and company scale
