VyStar Credit Union to seek New Markets Tax Credit allocation
Jacksonville's largest credit union has tapped into the expertise of a Kansas City developer as it looks to participate in a federal tax credit program meant to spur investment and development in underserved communities.
For more than 15 years, Sunflower has been a national consultant for entities seeking to use the program. It now will support VyStar as it builds out its platform as a Community Development Financial Institution, lending to community businesses often overlooked by traditional financing sources. Established in 2000, the NMTC program last month saw the U.S. Treasury Department award more than $5 billion in tax credits to 107 organizations — including, locally,Corporate investors receive a credit against their federal income tax in exchange for equity investments in Community Development Entities, which in turn make favorable loans to businesses in low-income communities — in areas such as manufacturing, food, retail, housing, health care, education and energy.
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