New Markets Tax Credits in Action
Federal New Markets tax credits helped spur $200 million of investment in the Crosstown Concourse, a redevelopment of a five million square foot historic warehouse in a low-income area in Memphis, Tennessee. A group of Community Development Entities (CDEs) provided $56 million in federal New Markets Tax Credits as part of the financing for the project. Another $88 million in historic tax credits assisted as well. The mixed-use site includes a charter high school, an art center, apartments, retail, a fitness center and health clinics, and commercial offices.