Congressman Brian Baird recently announced that the Ilwaco-based nonprofit ShoreBank Enterprise Pacific was awarded $35 million in tax credits for economic development projects in low-income coastal communities under the federal New Markets Tax Credit (NMTC) program.
This award will allow Shorebank to issue tax credits to individuals or corporations who invest in local businesses and community development. Shorebank will broker the investments into economic development projects in low-income coastal communities, including Pacific and Grays Harbor counties in Washington and Clatsop and Tillamook counties in Oregon.
"Many coastal, rural communities in Washington and Oregon have struggled in recent years as our regional economy has shifted away from traditional, natural resource industries like logging and fishing," said Congressman Baird. "These tax credits will help our struggling communities rebound and rebuild by spurring investment in local economic redevelopment projects."
A total of 254 organizations applied for tax credits through the NMTC program during this funding cycle. Shorebank was one of only 63 organizations allocated funding. Congressman Baird wrote to former Treasury Secretary John Snow in support of Shorebank’s NMTC application in April of 2006.
Shorebank received $8 million in tax credits from NMTC in 2004 and deployed that money to high impact rural investments in both Washington and Oregon within eight months.
Congressman Brian Baird recently announced that the Ilwaco-based nonprofit ShoreBank Enterprise Pacific was awarded $35 million in tax credits for economic development projects in low-income coastal communities under the federal New Markets Tax Credit (NMTC) program.
This award will allow Shorebank to issue tax credits to individuals or corporations who invest in local businesses and community development. Shorebank will broker the investments into economic development projects in low-income coastal communities, including Pacific and Grays Harbor counties in Washington and Clatsop and Tillamook counties in Oregon.
"Many coastal, rural communities in Washington and Oregon have struggled in recent years as our regional economy has shifted away from traditional, natural resource industries like logging and fishing," said Congressman Baird. "These tax credits will help our struggling communities rebound and rebuild by spurring investment in local economic redevelopment projects."
A total of 254 organizations applied for tax credits through the NMTC program during this funding cycle. Shorebank was one of only 63 organizations allocated funding. Congressman Baird wrote to former Treasury Secretary John Snow in support of Shorebank’s NMTC application in April of 2006.
Shorebank received $8 million in tax credits from NMTC in 2004 and deployed that money to high impact rural investments in both Washington and Oregon within eight months.