Nixon Peabody clients win awards of $1.2b in new market tax credits.

Sixteen clients of Nixon Peabody LLP were among the sixty-three community development entities that received the $4.1 Billion in new markets tax credits awarded by the U.S. Treasury Department on June 1.

Nixon Peabody clients were awarded $1.2 billion of the total amount allocated.

The New Market Tax Credits (NMTC) program attracts private-sector capital investment into the nation's urban and rural low-income areas to help finance community development projects, stimulate economic growth, and create jobs.

And for the third time in four years, Nixon Peabody represented one of the entities that received the highest allocation.

These clients included: US Bank Community Investment Corporation; Genesis LA CDE, LLC; National Cities Fund, LLC; Structured Products Group CDE, LLC; CT/KDF Community Development Partners, and Coastal Enterprises, Inc. Led by Herb Stevens, the NMTC team at Nixon Peabody includes: Bryan Brewer, Faith Bruins, John Cornell, Jim Duffy, Aleks Frimershtein, David Kavanaugh, Forrest Milder, Andrew Potts, David Schon, Wally Spiegel, Marie Wadler, Molly Bryson, Greg Doran, Michael Goldman, Jessica Graf, Merrill Hoopengardner, Dan Kolodner, Alexandra Lopez-Casero, and Jamie Zembruski.

The U.S. Treasury Department awarded tax credits to 63 community development entities selected from a pool of 254 applications. Awards ranged in size from $2 million to $143 million. The median allocation amount awarded was $60 million.

"When corporations and financial institutions can use the new markets credit program to invest in community development activities, the result is the revitalization of hundreds of underserved communities across the country and the creation of thousands of jobs," said Mr. Stevens, head of the New Markets team at Nixon Peabody.