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FYI: This morning, the CDFI Fund, a division of the U.S. Treasury Department, named 66 “community development entities” across the U.S. that will be receiving $2.5 billion in New Markets Tax Credits, under a program created during the Clinton administration to promote investment in economic development in low-income areas. Seventeen of the entities slated to receive the tax credits have indicated that New York is among the states they intend to invest their dollars in. Among them: the Enterprise Social Investment Corporation was awarded $90 million in credits, while the Local Initiatives Support Corporation will receive $65 million; both groups plan on financing commercial real estate. A SEEDCO subsidiary, the Empowerment Reinvestment Fund, will get $10 million, which it will use to support small business development. Just one group, Greater Jamaica Local Development Company, will be focusing exclusively on New York, developing a 14-story office and retail building in Queens. [3/14/03]

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