Atlanta is getting $45 million from a federal program for economic development.
Invest Atlanta, the city’s economic development arm, received the funds from the U.S. Treasury Department’s New Markets Tax Credit (NMTC) program. Congress created the program in 2000 to attract private investments for those serving economically depressed communities to revitalize poor neighborhoods.
Atlanta has previously used funds from the program to invest into Trees Atlanta, the Young Family YMCA, and the Pittsburgh Yards development.
This latest award brings a total of $95 million in additional economic development funding to Atlanta within the last two years through the city’s NMTC program, the city announced Wednesday.
“Atlanta’s New Markets Tax Credit program is an invaluable investment made directly into our city, bringing new community centers to our neighborhoods and funding high-impact businesses that employ Atlantans,” Mayor Andre Dickens said in a statement. “Thank you to the Biden Administration and the Department of Treasury for continuing to recognize NMTC’s positive impact in our communities.”
Credit: Rebecca Wright
Credit: Rebecca Wright
Atlanta used program funds to invest $13 million into the development of the new Tree Atlanta headquarters in southwest Atlanta. Trees Atlanta provides forest restoration, youth education advocacy, and jobs intended to expand Atlanta’s tree canopy. The city also invested $10 million from the program into renovations at the Young YMCA, which serves 4,200 residents annually in southwest Atlanta with healthcare programming, a food pantry, and other services.
Additionally, Atlanta used $6.5 million form the program to help redevelopment at 352 University Avenue in Southwest Atlanta. The Pittsburgh Yard project, led by the Annie E. Casey Foundation, is intended to create a living-wage community featuring a range of industrial, office, administrative, artistic and creative businesses.
The program also previously provided $12 million for a Grady Memorial Hospital expansion and $8.5 million for the Families First social services organization’s new headquarters.
Under the New Markets program, cities raise funds by selling the tax credits to private investors, typically national banks, and using the capital from the sales for local projects. Invest Atlanta will sell the tax credits through its Atlanta Emerging Markets Inc. (AEMI) branch.
“Since 2010, AEMI has invested $313 million in 62 projects creating 3,754 new jobs,” Invest Atlanta President and CEO Eloisa Klementich said. “We look forward to seeing this successful strategy continue with this latest allocation.”
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