Las Vegas allocated $45 million in tax credits for community investment

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The East Las Vegas Library, which opened in 2019, and was funded in part by the Las Vegas Community Investment Corporation. (Photo: Las Vegas Clark County Library website)
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The East Las Vegas Library, which opened in 2019, and was funded in part by the Las Vegas Community Investment Corporation. (Photo: Las Vegas Clark County Library District website)

The U.S. Treasury Department has awarded the City of Las Vegas $45 million in federally-funded New Market Tax Credits to invest in low-income and underserved communities in Southern Nevada.

The tax credits program is meant to encourage investment in historically underserved communities by providing investors with the tax credits when they make investments in qualified low-income community businesses in qualified census tracts.

The Las Vegas Community Investment Corporation (LVCIC), created to facilitate investment in commercial real estate projects, will be granted use of the New Market Tax Credits to finance borrowers who start businesses in the City of Las Vegas’ impoverished neighborhoods.

LVCIC stated they would focus financing in the communities that were hurt most by the economic downturn during the recession, which includes the downtown area as well as other eligible census tracts extending north from downtown.

“These tax credits are critically important as we continue to invest in our underserved areas,” Mayor Carolyn Goodman said. “The new businesses that will be helped by these funds will create quality jobs and investment opportunities in our community.”

In 2016, the LVCIC received $55 million, a portion of which went towards the construction of a new library in East Las Vegas.

“These funds will help further our Ward 5 Works initiative, which looks to create new jobs and opportunities for residents in Ward 5,” said Councilman Cedric Crear. “These funds will incentivize developers to invest in downtown, not only creating more jobs by offering quality goods and services.”

Jeniffer Solis
Reporter | Jeniffer was born and raised in Las Vegas, Nevada where she attended the University of Nevada, Las Vegas before graduating in 2017 with a B.A in Journalism and Media Studies. While at UNLV she was a senior staff writer for the student newspaper, the UNLV Scarlet and Gray Free Press, and a news reporter for KUNV 91.5 FM, covering everything from the Route 91 shooting to UNLV housing. She has also contributed to the UNLV News Center and worked as a production engineer for several KUNV broadcasts before joining the Nevada Current. She’s an Aries.

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