U.S. Representative Tom Allen issued the following statement today on the federal allocation of $112 million to Coastal Enterprises, Inc., of Wiscasset, to help finance small businesses and development projects in low-income communities through the New Markets Tax Credit program.
"This federal decision is a testament to Coastal Enterprises' outstanding record promoting economic development and affordable housing statewide. The $112 million allocation is an investment in Maine's future that will provide opportunity for thousands of Maine people to start or expand businesses, create good, new jobs and make housing and the dream of home ownership possible for families who might otherwise be left behind. I strongly support the New Markets Tax Credit program and will continue to work with the rest of the Maine delegation to strengthen and expand this highly effective initiative."
The New Markets Tax Credit program, which Congress established in 2000, spurs revitalization efforts of low-income and impoverished communities across the United States by providing federal income tax credits to investors.
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