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CDFI Fund Director Kimberly Reed Participates in Ribbon Cutting for NMTC-financed Business in Milwaukee, WIhttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=104CDFI Fund Director Kimberly Reed Participates in Ribbon Cutting for NMTC-financed Business in Milwaukee, WI<p> <img border="0" align="right" src="/SiteCollectionImages/NewsImages/ribboncutgroupthumb.jpg" alt="" style="margin:5px;" /><strong>Milwaukee, WI</strong> -- CDFI Fund Director Kimberly Reed participated in a ribbon cutting in Milwaukee, WI to celebrate the expansion of the Badger Railing Co. manufacturing facility. Representatives from the offices of Senator Herbert Kohl, Senator Russ Feingold, and Congresswoman Gwen Moore were in attendance.</p><p>Badger Railing designs, manufactures and installs ornamental iron and miscellaneous steel for projects from residential applications to large commercial and industrial jobs. The expansion increased their factory space by 14,800 square feet, for a total of 27,600 square feet.</p><p align="justify" class="body">The $1.9 million project was made possible by financing provided by the Milwaukee Economic Development Corporation (MEDC). MEDC received an $18 million allocation of New Markets Tax Credits in 2005; the organization estimates their NMTC related investments have leveraged $47 million in private sector investment and account for over 1,250 full time jobs.</p><p>To date, the CDFI Fund has awarded $306 million in NMTC allocations to Community Development Entities (CDEs) in the state of Wisconsin. Through calendar year 2008, the CDFI Fund has the authority to issue $19.5 billion in New Markets Tax Credits to Community Development Entities, including $1 billion for the rebuilding and reconstruction of the Hurricane Katrina Gulf Opportunity Zone (the GO Zone).</p>2007-11-14T05:00:00ZPress Releases104
CDFI Fund Director Kimberly Reed Announces Departurehttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=103CDFI Fund Director Kimberly Reed Announces Departure<p align="justify" class="body">​For Immediate Release</p><p align="justify" class="body">Contact: Peter Dugas<br> (202) 622-8401</p><p align="justify" class="body">U.S. Department of the Treasury Community Development Financial Institutions (CDFI) Fund Director Kimberly A. Reed has announced her resignation and intent to enter the private sector. "It truly has been an honor to serve the President and Secretary Paulson as Director of the CDFI Fund, as well as Senior Advisor to the Secretary. After three and one-half years at Treasury and the successful completion the 2007 round of the CDFI Fund programs, it is now time for me to transition to the private sector. I want to thank Secretary Paulson for his confidence in me, and thank my Treasury colleagues, especially the CDFI Fund staff for their dedication to the CDFI Fund’s vision – an America in which all people have access to affordable credit, capital and financial service." Director Reed's last day at the CDFI Fund will be November 12, 2007.</p><p align="justify">Related Links:</p><ul><li><a target="_blank" href="http://documents/KimberlyAReed_Departure.pdf">Letter of Resignation</a></li><li><a href="http://cdfifund.gov/who_we_are/director/bio_kreed.asp"><span class="ms-rteBackColor-4">Biography</span></a></li><li><a target="_blank" href="http://www.treas.gov/press/releases/hp227.htm"><span class="ms-rteBackColor-4">Appointment</span></a></li><li><a href="http://cdfifund.gov/who_we_are/director/directors_message.asp"><span class="ms-rteBackColor-4">Message from the Director, October 2007</span></a></li></ul><p align="justify">November 7, 2007</p><p align="justify">The Honorable Henry M. Paulson, Jr.<br> Secretary<br> U.S. Department of the Treasury<br> 1500 Pennsylvania Avenue, NW<br> Washington DC 20220</p><p align="justify" class="body">Dear Mr. Secretary:</p><p align="justify" class="body">It has been an honor to serve you and the President as your Senior Advisor and Director of U.S. Department of the Treasury's Community Development Financial Institutions (CDFI) Fund. However, after ten years of public service, including three and one-half years at the Treasury and seven years with the U.S. Congress, I feel that now is the right time in my career to enter the private sector.</p><p align="justify" class="body">Please accept this letter as formal notification that I am, with gratitude, resigning from my position with the Treasury Department effective November 12, 2007. The knowledge and experience that I have gained during my time here has been invaluable, and I am proud of the contributions that my colleagues and I have been able to make.</p><p align="justify" class="body">I am grateful to have had the opportunity to serve as both your and Secretary John W. Snow's Senior Advisor for two and one-half years. I had the pleasure of working closely with all offices within the Treasury on a broad range of significant issues, including tax, economic, global financial risk, and retirement security, as well as help oversee Treasury's day-to-day operations, which included over 110,000 employees and a $11 billion budget, and focus on some of this Administration's key priorities.</p><p align="justify" class="body">In my current position as Director of the CDFI Fund, it has been an honor to assist you in your goal of keeping the American economy strong for our workers, our families, and our businesses by encouraging and creating more opportunity in America's neediest communities. Under the successful and now completed 2007 round, the CDFI Fund allocated $3.9 billion in tax credit authority and awarded $42 million to a combined total of 200 organizations that are committed to investing in and providing financial services to low-income communities and individuals across the country. In particular, it was a privilege to announce our 2007 CDFI Program Awards with you at Neighborhood Housing Services of Chicago, assist with the President's mortgage foreclosure avoidance initiative, build national support for the CDFI Fund efforts with stakeholders and potential stakeholders, establish year-round CDFI certification, and announce our first-ever Policy Research Initiative, all of which will help create a results-based path for our greater future success.</p><p align="justify" class="body">In closing, I want to recognize all of the dedicated and extraordinary Treasury staff, and thank you again for the opportunity to serve this great nation under your leadership.</p><p align="justify" class="body">Respectfully yours,</p><p align="justify" class="body">Kimberly A. Reed</p>2007-11-09T05:00:00ZPress Releases103
FY 2007 BEA Awardshttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=105FY 2007 BEA Awards<p> <strong>Washington, DC</strong> -- Today the Department of the Treasury’s Community Development Financial Institutions (CDFI) Fund announced that approximately $11 million has been awarded to 51 banks and thrifts across the country that provide critically needed financial products and services to economically disadvantaged people and communities. These awards are being made through the fiscal year 2007 round of the Bank Enterprise Award (BEA) Program.</p><ul><li> <a href="/Documents/CDFIProgramBEAAwardList2007.pdf" target="_blank">Updated Press Release and Award List</a></li><li> <a href="/Documents/CDFIProgramBEAAwardHighlights2007.pdf" target="_blank">Overview of Awardees</a></li><li> <a href="/Documents/CDFIProgram2007BEAProfile.pdf" target="_blank">Updated Profiles of Awardees, Alphabetical by State</a></li><li> <a href="http://cdfifund.gov/what_we_do/programs_id.asp?programID=1"><span class="ms-rteBackColor-4">More information on the Bank Enterprise Award Program (BEA)</span></a><span class="ms-rteBackColor-4"></span></li></ul>2007-11-02T04:00:00ZPress Releases105
Treasury Deputy Secretary Misspelled WordKimmitt and CDFI Fund Director Reed Announce $3.9 Billion in Tax Credits for Low-Income Community Investmenthttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=106Treasury Deputy Secretary Misspelled WordKimmitt and CDFI Fund Director Reed Announce $3.9 Billion in Tax Credits for Low-Income Community Investment<ul><li> <a href="/Documents/NMTCProgramAwardlist2007.pdf" target="_blank">2007 NMTC Program - List of Awards</a></li><li> <a href="/Documents/NMTCProgramAwardHighlights.pdf" target="_blank">2007 NMTC Program - Fifth Round Highlights</a></li><li> <a href="/Documents/NMTCProgramStatesServed.pdf" target="_blank">2007 NMTC Program - States Served Document</a></li><li> <a href="/Documents/NMTCProgramProfiles.pdf" target="_blank">2007 NMTC Program - Profiles of Allocatees, Alphabetical by Organization</a></li><li> <a href="/documentsNMTCProgramGoZone.pdf" target="_blank">2007 NMTC Program - Profiles of Allocatees, Gulf Opportunity (GO) Zone</a></li><li> <a href="/Documents/NMTCProgram2007AATemplate.pdf" target="_blank">2007 NMTC Program - Template Allocation Agreement</a></li> </ul><p> <strong>New Orleans</strong> - U.S. Treasury Deputy Secretary Robert Kimmitt and Treasury’s Community Development Financial Institutions (CDFI) Fund Director Kimberly Reed announced today in New Orleans, La., the 61 organizations selected to receive $3.9 billion in tax credits for use in low-income communities. Treasury awarded the credits under the 2007 round of the New Markets Tax Credit (NMTC) Program.</p><p><img src="/SiteCollectionImages/NewsImages/Kimmitt.jpg" alt="" style="margin:5px;" /><br></p><p>Deputy Secretary Kimmitt and Director Reed were in the Gulf for the announcement to highlight the 11 organizations receiving $400 million in NMTC for specific use in the redevelopment of the Hurricane Katrina Gulf Opportunity Zone (GO Zone). The 61 allocatees are headquartered in 24 states and the District of Columbia, but anticipate serving 45 states, D.C. and Puerto Rico. The remaining five states would be served by allocatees with a national service area.</p><p>"These tax credits are intended to spur new private sector investment in communities in need across the United States and encourage continued redevelopment and reconstruction in the Hurricane Katrina Gulf Opportunity Zone," said Deputy Secretary Kimmitt. "The vision of the Community Development Financial Institutions Fund is to help give all Americans access to affordable credit, capital, and financial services."</p><p>"These tax credits, totaling $3.9 billion, are important to encourage investment in rural and urban low-income communities across the United States,” said CDFI Fund Director Reed. “We also are committed to helping those affected by Hurricane Katrina, and I am pleased how the New Markets Tax Credit Program is making a difference in the redevelopment of communities across the Gulf Coast."</p><p>The NMTC Program attracts private-sector capital investment into the nation’s urban and rural low-income areas to help finance community development projects, stimulate economic growth and create jobs.</p><p>The NMTC Program, established by Congress in December 2000, permits individual and corporate taxpayers to receive a credit against federal income taxes for making qualified equity investments in investment vehicles known as Community Development Entities (CDEs). The credit provided to the investor totals 39 percent of the cost of the investment and is claimed over a seven-year period. Substantially all of the taxpayer's investment must in turn be used by the CDE to make qualified investments in low-income communities. The 61 organizations were selected through a competitive application and rigorous review process.</p><p>The NMTC program is administered by Treasury’s Community Development Financial Institutions (CDFI) Fund. Throughout the life of the NMTC Program, the CDFI Fund is authorized to allocate to CDEs the authority to issue to their investors up to the aggregate amount of $19.5 billion in equity as to which NMTCs can be claimed, including $1 billion for use in the GO Zone. In the five rounds to date, the CDFI Fund has made 294 awards totaling $16 billion in tax credit authority.</p>2007-10-05T04:00:00ZPress Releases106
CDFI Fund Joins Maine Senator Olympia Snowe and Governor John Baldacci in Celebrating Coastal Enterprises Closing $200 million in New Markets Tax Credits Investments in New Englandhttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=102CDFI Fund Joins Maine Senator Olympia Snowe and Governor John Baldacci in Celebrating Coastal Enterprises Closing $200 million in New Markets Tax Credits Investments in New England<p> <img border="0" align="right" src="/SiteCollectionImages/NewsImages/CoastalGroupthumb.jpg" alt="" style="margin:5px;" /><strong>Portland, ME</strong> -- CDFI Fund Director Kimberly A. Reed participated in a news conference with Senator Olympia Snowe and Governor John Baldacci at the Gulf Maine Research Institute to celebrate Coastal Enterprises, Inc.’s milestone of investing over $200 million of New Markets Tax Credits (NMTC) in New England, which has helped to create or retain almost 7,000 jobs. Director Reed also spoke at a press event in Millinocket, Maine, and visited some NMTC projects to see how the program is making a difference with the local, rural economy.</p><p> <strong>Full Text Remarks:</strong><br>CDFI Fund Director Kimberly A. Reed<br> Gulf of Maine Research Institute</p><p>Thank you for that very kind introduction, Ron. It is my pleasure to be here today with Senator Olympia Snowe, Governor John Baldacci, Ron Phillips, the President of Coastal Enterprises Inc., and other distinguished guests. My name is Kimberly Reed, and I am the Director of the Department of the Treasury’s Community Development Financial Institutions Fund, or CDFI Fund. I also would like to thank Senator Susan Collins, who called my office this morning and sends her regards.</p><p>Today, the U.S. Treasury Department is focused on rural America. U.S. Treasury Secretary Hank Paulson is in Montana with Senator Max Baucus, where he will discuss what it takes to keep rural areas competitive in the global economy. And, later this afternoon, I will be in Millinocket, in the beautiful Great North Woods region of Maine, to see some great examples of how our CDFI Fund’s New Markets Tax Credit Program is making a difference in its local economy.</p><p align="justify" class="body">The CDFI Fund cares about creating more economic opportunity in rural areas through its programs such as the New Markets Tax Credit Program, which actively encourages investment of private capital into these areas. Through Fiscal Year 2005, New Markets Tax Credit awardees reported making over $2.9 billion of loans and investments low-income community business, including 138 projects that were located in rural areas. These 138 projects have received $309 million in New Markets Tax Credit financing.</p><p>We applaud Coastal Enterprises for their success in utilizing the New Markets Tax Credit Program to help, among other impacts, create or retain almost 7,000 jobs, including 620 jobs in Millinocket at Katahdin Forest Management and the Great Northern Paper Company. Through three separate rounds – in 2003, 2004, and 2006 – Coastal Enterprises has been awarded a total of $249 million of investment capacity through our New Markets Tax Credit Program – almost a quarter of a billion dollars in allocations.</p><p align="justify" class="body">To date, Coastal Enterprises has completed the financing of 19 projects and utilized nearly $200 million of the New Markets Tax Credit funds, including more than $92 million of allocations that have been placed in Maine. Congratulations on reaching this milestone! And, Coastal Enterprises’ success with the program has attracted total private capital investment in low-income and rural communities of over $702 million.</p><p align="justify" class="body">I have known about Coastal Enterprises for some time. Back in July 2004, when I was Senior Advisor to then-U.S. Treasury Secretary John W. Snow, I remember hearing about his trip to Portland, Maine. He toured the construction site of the Gulf of Maine Research Institute where we are today and presented Coastal Enterprises with a New Markets Tax Credit certificate. What a pleasure it is to be with you today – three years later – as the Director of the CDFI Fund to see this completed facility, which has the mission of supporting the fishing industry in the Gulf of Maine, and to learn about the other Coastal Enterprise projects that show the impact of the New Markets Tax Credit Program.</p> <p>Again, congratulations to Coastal Enterprises on your success stories, and thank you all for being here and working to make sure that our resources are put to good use in these communities. Thank you.</p>2007-08-07T04:00:00Z102
CDFI Fund Community Development Advisory Board Visits Gulf Coasthttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=15CDFI Fund Community Development Advisory Board Visits Gulf Coast <p>​The Treasury Department's Community Development Financial Institutions Fund visited the Gulf Coast recently to discuss the area's recovery after Hurricane Katrina, break ground for a housing development made possible through the CDFI Fund's New Markets Tax Credit Program and learn how the Fund could provide further assistance to attract private sector investment. <img src="/SiteCollectionImages/NewsImages/homeowner.jpg" alt="" style="margin:5px;vertical-align:baseline;" /> <br></p><p>CDFI Fund Director Kimberly A. Reed also requested that the Community Development Advisory Board, which advises the director on policy matters, hold its annual meeting in New Orleans, La., the first time that the board has met outside of Washington, D.C.</p><p align="justify" class="body">"We are committed to helping those affected by Hurricane Katrina, and we want the Community Development Advisory Board to see firsthand how the CDFI Fund's programs, including $1 billion in New Markets Tax Credits for the Gulf Opportunity Zone, can attract private sector capital investment and provide critically needed financial education and services. More importantly, we are learning what else the CDFI Fund can do to help these communities become better and stronger," said Director Reed.</p><center> <img alt="Bill Myers photo" src="/SiteCollectionImages/NewsImages/billmyer.jpg" style="margin:5px;" /> </center><p> <em>Bill Myers, Founder and CEO of Alternative Federal Credit Union in Ithaca, NY, presents information to the Community Development Advisory Board on a variety of successful credit-building and anti-predatory financial products and services. Many certified CDFIs provide financial counseling and alternative products to their low-income clients.</em></p><p align="justify" class="body">The Congressionally-created Community Development Advisory Board received a presentation by President George W. Bush's Office of Federal Support for Gulf Coast Recovery and Rebuilding, a bus tour of the revitalization projects financed in-part through CDFI Fund awards, and participated in presentations by CDFI Fund staff and experts on key community development topics.</p><p align="justify" class="body">The advisory board consists of 15 members, including the Secretary of the Departments of Agriculture, Commerce, Housing and Urban Development, Interior and Treasury and the Administrator of the Small Business Administration, or his or her designee; and nine private citizens appointed by the President.</p><center> <img alt="Group Photo" src="/SiteCollectionImages/NewsImages/groupphoto.jpg" style="margin:5px;" /> </center><p> <em>CDFI Fund Director Kimberly A. Reed (center) gathers with members of the Community Development Advisory Board.</em></p><p align="justify" class="body">"Secretary Paulson and Director Reed have reinvigorated the CDFI Fund's commitment to restoring the Gulf Coast," said Don Powell, the President's Federal Coordinator for Gulf Coast Rebuilding. "We appreciate all the Treasury has done so far for this region and the Department's continued commitment to helping us rebuild."</p><p align="justify" class="body">The Director and her staff met with families who received assistance from organizations supported by the CDFI Fund and visited a financial counseling center that is helping Mississippi families as they rebuild their homes. Advisory Board Chairman Bill Bynum and the CDFI Fund staff also visited Jackson, Gulfport, and Biloxi, Miss. to meet with U.S. and local official offices and area businesses.</p><center> <img alt="Home Owners" src="/SiteCollectionImages/NewsImages/homeowners.jpg" style="margin:5px;" /> </center><p> <em>CDFI Fund Director Kimberly A. Reed (4th from right) meets with Ms. Merle Crenshaw, a resident in Pass Christian, MS, whose new home was made possible through the Enterprise Corporation of the Delta’s (ECD) “Home Again” program. ECD is a certified CDFI participating in the immediate and the long-term rebuilding and recovery efforts in Louisiana and Mississippi. (Left to Right: Peter Dugas, CDFI Fund; Jessica Lawson, Home Again/ECD; Scott Berman, CDFI Fund; CDFI Fund Director Kim Reed; Ms. Merle Crenshaw; Bill Bynum, President & CEO of ECD and HOPE Community Credit Union; and Bill Luecht, CDFI Fund.)</em></p><p align="justify" class="body">In the aftermath of Hurricane Katrina, the CDFI Fund has been focused on revitalizing Gulf Coast communities. The U.S. Treasury Department announced changes to the NMTC application materials as a first step to be helpful on September 9, 2005, in Mobile, Ala. President Bush signed the Gulf Opportunity Zone (GO Zone) Act in December 2005 to help create jobs and spur development by providing tax relief for businesses and entrepreneurs in Louisiana, Mississippi, and Alabama.</p><p align="justify" class="body">As part of this legislation, the CDFI Fund is providing $1 billion in federal tax incentives through its NMTC Program. $600 million in tax credits were awarded in June 2006, less than six months after the GO Zone legislation was enacted, and the final $400 million will be awarded in the fall of 2007 as part of the $3.9 billion 2007 NMTC application round.</p><center> <img alt="Day Care" src="/SiteCollectionImages/NewsImages/daycare.jpg" style="margin:5px;" /> </center><p> <em>Members of the Community Development Advisory Board visit the Clear Head Learning Center in New Orleans. Ms. Tahira Nadir, the owner, describes the financial counseling and assistance she received from HOPE Community Credit Union, a certified CDFI and Fund awardee, which proved critical in her being able to reopen after Hurricane Katrina and provide severely needed daycare. (Left to right: J. French Hill, Board member; Donna Gambral, Regional Director, Office of the Federal Coordinator for Gulf Coast Rebuilding; Nancy Leake, Board member; Bill Luecht, CDFI Fund; Bill Bynum, Chairman of the CDFI Fund’s Advisory Board and President and CEO of ECD/HOPE; Linda Davenport, CDFI Fund; Ms. Tahira Nadir, Owner of Clear Head Learning Center; CDFI Fund Director Kim Reed; Lynette Colin, Branch Manager, HOPE Community Credit Union; Marc Vigo, CDFI Fund; and Michael Hager, Board member.)</em></p>2007-06-15T04:00:00ZPress Releases15
New Markets Tax Credit Program Investment Leads To Opening of Northwest Airlines Call Center In Iowa, Creating 330 Jobshttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=107New Markets Tax Credit Program Investment Leads To Opening of Northwest Airlines Call Center In Iowa, Creating 330 Jobs<p> <strong>Sioux City, IA</strong> -- Mayor Craig Berenstein (left) and Perry Cantarutti, Vice President of Reservations for Northwest Airlines (right), unveil plans for a new Northwest Airlines call center that will open in downtown Sioux City.</p><p><img src="/SiteCollectionImages/NewsImages/iowa.jpg" alt="" style="margin:5px;" /><br></p><p align="justify" class="body">The opening of the call center was made possible because of a $10 million investment into the Iowa Business Growth Company under the New Markets Tax Credit Program, which in turn used the proceeds to finance the development of the reservation center. The Iowa Business Growth Company received a $45 million allocation under the New Markets Tax Credit Program and has committed to using its full allocation in the state of Iowa.</p><p>CDFI Fund Director Kimberly Reed attended the opening announcement of the call center. "I was delighted to be in Sioux City, Iowa, to see first hand how the New Markets Tax Credit Program is providing key economic incentives for companies such as Northwest Airlines to locate operations in low-income communities and create good paying jobs,” said CDFI Fund Director Kimberly Reed. “We appreciate Senator Grassley's support of the CDFI Fund's New Markets Tax Credit Program and efforts by Community Development Entities (CDEs) such as the Iowa Business Growth Company to invest in rural America." </p><p>The opening of the reservation center is projected to create 330 new jobs with competitive wages and excellent benefits. The center will be located in an old J.C. Penny’s department store building in downtown Sioux City and is hoped to be a catalyst for renewed interest and development in the downtown area. </p><p align="justify" class="body">The New Markets Tax Credit Program spurs the investment of private equity capital into rural and low-income communities and allows taxpayers to receive a credit against Federal income taxes for making equity investments in designated Community Development Entities (CDEs), such as the Iowa Business Growth Company. </p><p> <a href="/Documents/SiouxCityIowa7.pdf">Press Release</a></p>2007-03-03T05:00:00ZPress Releases107

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