Please Join Us ~ All are Welcome!
MIFA Victory Theatre is pleased to announce that Kathy McGilvray, Director of Investments for the Massachusetts Housing Investment Corporation will be speaking on the New Market Tax Credit Financing Program
Many people have questions or don’t understand the New Market Tax Credit Program, or how it works for the Victory Theatre Project. Ms. McGilvray will be explaining how the program works. There will be a question and answer time as well.
Kathy McGilvray,Director of Investments has been with MHIC since 2003. MHIC is a leading private investor and lender specializing in financing affordable housing and community development throughout New England.
About New Market Tax Credits
Congress created the New Markets Tax Credits program in December 2000 to spur the investment of $15 billion in private capital to promote economic development in rural and urban low‐income communities. The program allows individuals and corporations to get a tax credit against federal income taxes for making investments in targeted distressed low‐income properties when those investments are made through a “Community Development Entity’ (CDE). The credit provided to the investor totals 39 percent of the cost of the investment and is claimed over a seven‐year credit allowance period. In each of the first three years, the investor receives a credit equal to five percent of the total amount paid for the stock or capital interest at the time of purchase. For the final four years, the value of the credit is six percent annually. Investors may not redeem their investments in CDEs prior to the conclusion of the seven‐year period.