About the East Baton Rouge Redevelopment Authority
OVERVIEW
In December 2009, the East Baton Rouge Community Development Entity, LLC (“EBRCDE”), a partnership between the City of Baton Rouge-Parish of East Baton Rouge and the East Baton Rouge Redevelopment Authority, was awarded a New Markets Tax Credits allocation of $60 million.
The New Markets Tax Credit (“NMTC”) program provides investors with federal tax credits for making investments in a wide range of businesses located in low-income communities. The credit provided to the investor totals 39 percent of the cost of the investment and is claimed over a seven-year period. The tax credits can be deployed to support a wide array of real estate development projects.
The EBRCDE serves the entire Parish of East Baton Rouge, Louisiana. It will deploy its Tax Credits through an implementable strategy, focusing on real estate development projects that provide community services, additional goods and services, and/or support development of affordable housing and the elimination of blight. The recent NMTC allocation will allow EBRCDE to offer financing with interest rates at least 50 percent below market, and passive equity investments equal to 25 percent of loan amounts. The East Baton Rouge Redevelopment Authority (“RDA”) serves as Manager of the EBRCDE.
Please contact Mark Goodson at 225.387.5606 or mgoodson@ebrra.org for additional information.