The U.S. Treasury announced today that Arkansas-based Heartland Renaissance Fund will receive $70 million in Federal New Market Tax Credits, which will be used to stimulate investment in healthcare, education and economic development projects in Arkansas. Donna Gambrell, director of the Community Development Financial Institutions Fund (CDFI Fund) and Sen. Blanche Lincoln made the announcement today at the offices of the Heartland Renaissance Fund in Little Rock. Heartland is a member of the Arkansas Capital Corporation Group and is designated a Community Development Entity by the CDFI Fund. The U.S. Department of the Treasury will announce New Market Tax Credit awards for the rest of the United States next week. The 39 percent Federal New Market Tax Credits can be used to encourage investment and/or loans for a variety of projects in specified census tracts located throughout Arkansas. This program allows financial institutions to provide credit, capital and financial services for projects in these areas. “We have followed Governor Beebe’s lead and have worked to secure these tax credit to support projects related to health care, education and economic development in Arkansas,” said Sam Walls, CEO of The Arkansas Capital Corporation Group (ACCG), which manages Heartland. “The tax credits will be used for projects located throughout Arkansas but with an emphasis on rural areas.” “We are very appreciative of the entire Arkansas federal delegation, particularly Senator Lincoln, for their continued efforts to ensure that Arkansas has access to resources like the New Market Tax Credit Program,” Walls said. “These tax credits can make the difference for private investors to put money into projects that make a positive impact on their communities,” said Walls. “This means jobs and investment to improve Arkansas communities through economic development that might not otherwise happen.” The Arkansas tax credits will be overseen by Heartland Renaissance Fund, a CDFI-certified Community Development Entity, which has secured New Market Tax Credits for Arkansas projects in the past. Heartland provides loans and capital investments for businesses in underserved areas of Arkansas and is managed by the Arkansas Capital Corporation Group (ACCG).
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