September 27, 2010
New Markets Tax Credits (NMTC) Program, Supported by the Recovery Act, Cited for Creating Jobs and Sustaining Pike Place Businesses
The Pike Place Market renovation project came in at #99 in Vice President Joe Biden’s recent report, “100 Recovery Act Projects that are Changing America.” NDC worked with community partners, the City of Seattle and Kitsap County, to structure NMTCs and $37.5 million in American Recovery and Reinvestment Act (ARRA) funds to finance the project. In naming the Pike Place renovation to the list, the report cited the use of both ARRA and NMTC financing to, “create jobs and build public-private partnerships to finance improvements to aging infrastructure and spur economic development.”“We are thrilled that Vice President Joe Biden acknowledged the important role that NMTC programs are playing in our community,” said Chuck Depew, an NDC Field Director who has worked for many years with the City of Seattle and Kitsap County. “With the City of Seattle’s Office of Economic Development and Kitsap County Consolidated Housing Authority (KCCHA), we were able to assemble the necessary financing and NMTC allocations to support the renovation of Pike Place Market.”
“The job-creating goal of ARRA is a mission shared by NDC,” said John Finke, senior regional director of NDC. “Our work with municipalities throughout the State of Washington using NMTCs and other financial programs allows us to draw job-creating investments into underserved and underfunded areas. ”
The Vice President’s report highlights some of the most innovative and effective ARRA projects across the country that are not only putting people back to work now, but helping transform our economy for years to come.