Lowe Eco Dev Co. Awarded $45 Million by U.S. Treasury Under New Markets Tax Credit Program
Lowe Economic Development Company, an affiliate of Los Angeles-based Lowe Enterprises, has been awarded $45 million in New Market Tax Credits (NMTC) from the U. S. Department of the Treasury. Lowe will couple the NMTC allocation with its existing urban infill fund, Lowe California Community Fund, to finance a mix of housing, commercial and retail developments in underserved Southern California communities.
“We are gratified to be awarded this allocation and to bring home to Los Angeles and Southern California crucial funding that will allow us to invest in and develop projects that will bring housing, services and jobs to neighborhoods in need of an economic jolt,” said Rick Newman, president of Lowe Enterprises Real Estate Group-West. “We have identified several projects throughout the region that now can become a reality and create desperately needed jobs. These projects are even more critical to revitalizing communities given the ongoing economic challenges.”