Spectrum 1 News: Inside the Issues Covers SDS Supportive Housing Fund Groundbreaking Event
SDS Capital Group, RMG Housing and Los Angeles City Council District 9 commemorate the groundbreaking of Dolores Huerta Apartments in South Los Angeles, SDS Supportive Housing Fund’s third investment.
The New Markets Tax Credit (NMTC) program was created in 2000 to stimulate economic growth in rural and low income communities by increasing the availability of private capital. In return, NMTC investors – most often banks – are provided with a tax credit equal to 39% of the total Qualified Equity Investment (QEI) over seven-year period. This tax credit provides anywhere from a 20% to a 25% subsidy to projects. The NMTC program was born of the Community Renewal Tax Relief Act and is under the United States Treasury Department.
