WASHINGTON (February 24, 2011)—Today, Community Ventures Corporation (CVC), headquartered in Lexington, has been selected to receive $18 million in tax credits under the New Markets Tax Credit (NMTC) program.   NMTC, which started in 2000, helps organizations such as CVC re-invest and revitalize local communities, promote small businesses, and create jobs, and help struggling families get back on their feet.

“CVC is doing great work, especially in this economy. This is a win-win,” Chandler said. “Not only will these tax credits help revitalize and attract new investment, but they will help bring much-needed jobs to the Commonwealth.”

Kevin R. Smith, President and CEO of Community Ventures Corporation said: “In these economic times, programs like New Markets Tax Credits are critical to creating jobs and revitalizing our distressed communities.  We are grateful that we will be able to assist additional Kentucky businesses and the families they support.”

The New Markets Tax Credit program through the U.S. Department of the Treasury is designed to stimulate economic and community development and job creation in lower-income communities by attracting private investment.

Community Ventures Corporation, founded in 1982, is a non-profit organization with seven offices throughout the Commonwealth of Kentucky. CVC often partners with state, local, and national organizations to invest in communities throughout the state, providing both business and residential services.
 

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