Civic San Diego, which oversees development projects in areas including the city’s low-income communities, announced that it has received a $50 million allocation from the Community Development Financial Institutions Fund.
The fund is a division of the U.S. Treasury Department and administers the New Markets Tax Credit program. A Civic San Diego statement said this is the agency’s fourth consecutive annual allocation.
Civic San Diego was among 120 community development entities nationwide out of 238 total applicants recently awarded funding in the current round of allotments. Officials said the funding is deemed critical in stimulating investment in businesses and real estate projects in low-income neighborhoods.
The federal tax credit program attracts investment capital to communities by allowing corporations and individuals to receive credit against their federal income taxes, in exchange for making direct equity investments in community development entities, such as Civic San Diego’s Neighborhood Investment Fund.
Civic San Diego President Reese Jarrett said the program has previously helped the city invest in transformative projects including the Copley-Price Family YMCA, the Jackie Robinson Family YMCA, the Family Health Centers’ Health Information Technology Education and Career Center, and most recently the Momentum Learning Center campus on El Cajon Boulevard.
Civic San Diego is a nonprofit public benefit corporation created by the city to engage in economic development, land use permitting and project management services. Its areas of oversight include neighborhoods of downtown San Diego and others in the southeastern portion of the city.
