Summary
When the US Treasury Department announced on May 6, 2004, that the CBAI Community Development Inc, was awarded $50 million in New Market Tax Credits, 18 months of work paid off for Indiana bankers. The subsidiary of the Community Bankers Association of Indiana was one of 271 organizations to apply for the credits; 62 were selected. The allocations ranged from $2 million to $150 million, with the average award being $56 million. The CBAI Community Development award was the largest ever to an Indiana-based organization. CBAI estimates that by leveraging the tax credits with loans, community bankers throughout the state will be able to fund $128 million in projects related to low income areas and job creation.
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Tax Credits Awarded
Eighteen months of work paid off for Indiana bankers when the U.S. Treasury Department announced on May 6 that the CBAI Community Developm...
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