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.
Source: Published: The Commercial Appeal