11.06.08

Burr Announces $50 Million in Tax Credits Awarded to Durham Based Self-Help Ventures Fund

U.S. Senator Richard Burr today announced that the Center for Community Self-Help, located in Durham, NC, has been awarded $50,000,000 in tax credits for its Self-Help Ventures Fund. This tax credit was provided by the U.S. Department of the Treasury's New Markets Tax Credit (NMTC) Program.

"By receiving this tax credit, the Self-Help Ventures Fund will have tremendous help in furthering their work providing financing and advocacy for low-income borrowers. This is a highly competitive process, and the Center for Community Self-Help should feel proud of the work they've done to secure these funds," Burr said.

Self-Help Ventures Fund will use its allocation of NMTCs to expand its commercial real estate and community facilities financing and its geographic reach. The fund provides senior debt through loans to eligible real estate projects, small businesses, and community facility operators. The NMTC allocation will enable Self-Help Ventures Fund to continue offering favorable loan rates and terms to projects in distressed communities, and enable it to finance much larger commercial real estate projects, including retail centers, office buildings and mixed use projects; as well as charter schools and other community facilities.

In addition to providing assistance to North Carolina borrowers, Self-Help Ventures Fund also benefits communities in Florida, Georgia, South Carolina, Tennessee, Texas, and Washington, DC.