SECRETARY GEITHNER TO ANNOUNCE $5 BILLION IN AWARDS
FOR COMMUNITY DEVELOPMENT NATIONWIDE, HIGHLIGHT NEED TO REBUILD ECONOMY STRONGER THAN BEFORE
Three Chicago Area Institutions to Receive
New Markets Tax Credit Awards
WASHINGTON – As part of an effort to highlight the local impact of the American Recovery and Reinvestment Act (Recovery Act) and the need to rebuild the foundation of the economy, Treasury Secretary Tim Geithner will travel to Chicago to announce billions of dollars in awards to spur private sector investment in communities facing economic challenges.
The Secretary will make the announcement at 10:30am CT tomorrow at the Greater West Town Community Development Project, a job training center providing unemployed and underemployed individuals with the skills they need to compete. This center has benefitted from funding under the New Markets Tax Credit (NMTC) Program, which helps communities across the nation complete real estate development projects and fund local business development. As part of this round of NMTC Program awards, three Chicago area institutions will receive funds to invest in local development projects.
WHO: Treasury Secretary Tim Geithner
Donna Gambrell, Director of Treasury’s Community Development Financial Institutions Fund
Local elected officials
WHAT: Announcement of New Markets Tax Credit Program awards
WHEN: Friday, October 30th
WHERE: Greater West Town Community Development Project
2045 West Fulton Street
U.S. Department of the Treasury · 1500 Pennsylvania Ave, NW, Washington, D.C. 20220 · (202) 622-2000