Greystone's hurricane tax credit.

Greystone CDE, LLC an affiliate of Greystone & Co., Inc. has been awarded by the U.S. Treasury Department a $35 million allocation of New Markets Tax Credits to help investments in the Gulf Opportunity zone in Louisiana, Mississippi and Alabama that was affected by hurricanes Katrina and other hurricanes last year.

The allocation, from the CDFI Fund at the Department of Treasury, was awarded to Greystone CDE in a competitive application process.

There are four areas of approved investments: Healthcare facilities loans; Commercial real estate loans; Working capital loans for businesses (including the business of developing multifamily housing); Business factoring and asset-based loans.

Greystone together with its affiliates have existing lending and investing businesses in most of those areas and the NMTCs will allow Greystone to make more aggressive investments in the GO zone.

NMTC investments must remain employed for the duration of the tax credit period of seven years and must be made by Greystone CDE to Qualified Active Low Income Community Businesses.

It is anticipated that Greystone will have investment parameters and guidelines available for distribution later this summer.