Alaska Growth Capital expands.
Alaska Growth Capital BIDCO was selected to receive $50 million in
tax credits under the New Market Tax Credit Program to provide funding
for communities in Alaska and Hawaii. Alaska Growth Capital is a
subsidiary of Arctic Slope Regional Corp. AGC, in partnership with
Council for Native Hawaiian Advancement, was awarded the funds to also
develop Native Hawaiian trust lands, and to expand its services to
finance real estate projects with high community impacts. AGC will
provide funding for similar projects in Montana. New Market Tax Program
is a program administered by the U.S. Department of Treasury, and
allocated through the Treasury Department's Community Development
Financial Institutions Fund. AGC is one of 99 organizations selected to
receive a total of $5 billion under the American Recovery and
Reinvestment act of 2009.