City Of Las Vegas Getting Tax Credits From Feds To Help New Business In Low-Income Areas
The U.S. Treasury Department has awarded $45 million in federally-funded New Market Tax Credits to the City of Las Vegas, to invest in low-income and underserved communities in Southern Nevada.
The Las Vegas Community Investment Corporation will be granted use of the New Market Tax Credits to finance borrowers who start businesses in the City of Las Vegas’ impoverished neighborhoods.
The corporation said it would prioritize financing in the communities most hurt by the recession of a decade ago, which includes the downtown area as well as other census tracts extending north from downtown.
In 2016, the LVCIC received $55 million in credits, and a portion of that money helped to pay for the construction of a new library in East Las Vegas.