(Las Vegas, NV) — The City of Las Vegas will receive $28 million through a Federal tax credit program that encourages investment in low-income and under served communities.
The New Markets Tax Credit Program was established by the U.S. Congress in 2000. Investments made through the program are used to finance businesses and real estate projects to breathe new life into neglected, underserved, and low-income communities.
Mayor Carolyn Goodman released a statement saying, “The city is the only entity in the state of Nevada to be receiving such funds this year. I want to thank Senator Harry Reid for supporting us on this application, which will result in helping to create new jobs for those in our community.”
Federal officials estimate the program has helped create almost 600,000 jobs since its inception.
The city will be hosting a free seminar for developers to learn more about the program Wednesday, July 30, from 3 to 6:30 p.m. at the Historic Fifth Street School at 401 S. Fourth Street in downtown Las Vegas.