Dallas’ District 30 to receive $80 million in Recovery Act grants

by PegNews wire

Congresswoman Eddie Bernice Johnson announced that the Texas Mezzanine Fund and the Dallas Development Fund will receive a total of $80 million in tax credits from the U.S. Department of Treasury. The Texas Mezzanine Fund will receive $25 million under the Treasury Department’s New Markets Tax Program, and the Dallas Development fund will receive $55 million under the American Recovery and Reinvestment Act (ARRA).

“These tax credits will make it easier for community-based financial institutions to invest in economic development projects that improve economically-distressed areas of Dallas,” Congresswoman Johnson said. “I am confident that this funding will help revitalize lower-income communities by attracting businesses, creating jobs, and providing access to affordable housing options. Commercial enterprise, employment opportunities, and affordable housing options are all essential to encouraging economic development in Dallas.”

The Dallas Development Fund is administered by the City of Dallas and is intended to provide capital to build community facilities and support job-generating projects in lower-income areas of Dallas. The fund prioritizes projects that are close to light rail stations in order to allow more residents to take advantage of the city’s mass transportation options.

The Texas Mezzanine Fund is a community development financial institution that gives loans to job-creating and service-providing businesses and non-profits, with an emphasis on minority-owned businesses. The funding will be used primarily to make low-interest loans to businesses that employ blue-collar workers and nonprofits that provide basic services to residents of lower-income communities.

Source: Congresswoman Eddie Bernice Johnson