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Specifically, the tax credits will be used by the Milwaukee Economic Development Corporation to make loans to businesses and real estate developers at below-market rates for asset purchases, real estate development and mixed-use development in the Milwaukee area. Senator Kohl pressed for this grant award to help continue economic development efforts in the city's low-income areas.

"This is great news for Milwaukee," Kohl said. "This robust allocation of tax credits will help job creation, real estate investment and economic development throughout the city."

The corporation promotes economic development through catalytic real estate developments and regional business retention, expansion and attraction. It does this by using a revolving loan fund so additional dollars and businesses get assistance beyond the original amount provided for with an allocation. MEDC will offer favorable terms on its loan products, including below-market interest rates; no fees, interest-only payments until expiration; higher than market loan-to-value rations and amortization periods; and very low debt service coverage ratios.

With concerns about liquidity and the availability of loans, the tax credits will help ensure low-income and distressed communities in the Milwaukee area can continue to grow and develop, and make improvements necessary to attract more businesses and investment.

Senator Kohl added, "Given the tough economic climate, these tax credits could not have come at a more critical time to encourage greater investment and solid growth in our community."

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