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Cascade: No. 55, Summer/Fall 2004

New Market Tax Credit Allocations Made to NJEDA, TRF, and GSA Management

The Community Development Financial Institutions (CDFI) Fund has made second-round allocations of new markets tax credits (NMTC) to three entities in the Third Federal Reserve District: the New Jersey Economic Development Authority (NJEDA), The Reinvestment Fund (TRF), and GSA Management, LLC.

NJEDA received a $125 million allocation for statewide use for economic development loans to businesses and real estate development projects and construction loans for the development of for-sale housing.

TRF received a $38.5 million allocation to provide real estate financing to small businesses, financing to nonprofit community facilities such as day-care centers and charter schools, and financing for retail centers. TRF will serve southeastern Pennsylvania, central and southern New Jersey, and northern Delaware, with a special focus on communities more distressed than NMTC-eligible areas, according to the CDFI Fund.

GSA Management, LLC, received a $35 million allocation to provide capital to franchise-oriented businesses and franchise-focused real estate projects in a 14-state region that includes Delaware, New Jersey, and Pennsylvania.

For information, contact Caren Franzini at (609) 777-4471 or cfranzini@njeda.com, Jeremy Nowak at (215) 574-5899 or jeremy.nowak@trfund.com, and Michael J. Kelley at (302) 658-9230 or mkelley@gsamanagement.com. Further information on the allocatees and the NMTC program is available at www.cdfifund.gov.