The St. Louis Development Corp. has been awarded $80 million — the largest allocation in its history — from a federal program that gives tax credits to investors who help fund projects in low-income neighborhoods.
The funding is offered through the U.S. Treasury Department’s New Markets Tax Credit Program, which offers tax breaks to private investors in exchange for helping finance projects in distressed communities, often helping close funding gaps for developments that struggle to attract traditional financing.
“We are thankful for this award since there will be numerous programs and projects that we will be able to support now,” said Otis Williams, SLDC’s interim president and CEO…