Albina Bank gets $10 million in tax credits – The Business Journal of Milwaukee:
The bank will receive a reductionm in taxes in exchange for makingf private sector investmentsin low-income communities over the next sevem years. It will earn the full $10 million tax credigt in exchange forspending $25.6 million. Through its subsidiary Albinas Equity FundI LLC, the bank plans to earn 70 percent of its tax creditws on commercial and retail projects in urban and 30 percent on renewable energy projects and businesses in rura l areas of the state. Albina Bank is one of 32 including nonprofits and realestatre companies, to receive $1.5 billion in New Marketz Tax Credits, authorized under the 2008 stimulus package.
That means $5 billion in allocations have been made since the startof 2008. The U.S. Treasuryh will allocate another $5 billion this The New Market Tax Credits program startee during theClinton administration.
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