Financing for Crosstown Concourse wins national award


The massive Crosstown Concourse redevelopment is so aspirational that the half-dozen "entities" that subsidized the project's financing have just won a national award.
The 2015 honor was bestowed by Novogradac Journal of Tax Credits, an authoritative source on the tax credit industry, including the New Market Tax Credit program.
That 15-year-old federal program is designed to help revitalize low-income neighborhoods like the one surrounding Crosstown Concourse by making more capital available for projects that create jobs.

Organizations labeled ''community development entitites'' -- they can be nonprofit or for-profit -- compete to receive New Market Tax Credit authority from the federal government. The community development entities, in turn, allocate the tax credits to qualified projects that compete for the subsidies.

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Source: Published: The Commercial Appeal