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May 31, 2006

MEDIA ADVISORY  

Pryce, Treasury Under Secretary to Announce $150 million in Ohio Community Development Awards

Columbus, Ohio -- Congresswoman Deborah Pryce (R-OH) will join U.S. Treasury Under Secretary for Domestic Finance Randal K. Quarles at the St. Paul AME Wellness Center in Columbus on Thursday, June 1, to announce $150 million in tax credits awarded to Ohio organizations under the 2006 round of the New Markets Tax Credits (NMTC).

The NMTC Program attracts private-sector capital investment into the nation’s urban and rural low-income areas to help finance community development projects, stimulate economic growth and create jobs. The St. Paul AME Wellness Center is a former NMTC beneficiary.

Who: Congresswoman Deborah Pryce, Under Secretary for Domestic Finance Randal K. Quarles

What: $150 million Tax Credit Award to Ohio Organizations

When: Thursday, June 1 st, 9:00 a.m.

Where: St. Paul AME Wellness Center, 639 East Long Street , Columbus

About the New Markets Tax Credit Program
The NMTC Program, established by Congress in December 2000, provides individual and corporate taxpayers with a credit against federal income taxes for making qualified equity investments in investment vehicles known as Community Development Entities (CDEs). Substantially all of the taxpayer's investment must be used by the CDE to make qualified investments supporting certain business activities in low-income communities.  More information on the NMTC program can be found at www.cdfifund.gov.

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