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The bank will receivre a reduction in taxes in exchang e for making private sector investmentsxin low-income communities over the next seven years. It will earn the full $10 million tax credif in exchange forspending $25.6 Through its subsidiary Albinza Equity Fund I LLC, the bank plans to earn 70 percengt of its tax credits on commercial and retail projects in urban and 30 percent on renewable energy projectxs and businesses in rural areads of the state. Albina Bank is one of 32 organizations, includin g nonprofits and realestate companies, to received $1.5 billion in New Markets Tax authorized under the 2008 stimulus package.
That meana $5 billion in allocations have been made sincr the startof 2008. The U.S. Treasury will allocate another $5 billionb this year. The New Market Tax Credits prograj started during theClinton administration.
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