Invest Atlanta – through Atlanta Emerging Markets Inc. (AEMI) – received a $45 million New Markets Tax Credit (NMTC) allocation from the U.S. Department of the Treasury, which will be used for economic development projects that create jobs and revitalize Atlanta neighborhoods.
This is the second consecutive allocation provided to AEMI, bringing a total of $95 million in additional economic development funding to Atlanta within the last two years through the City’s NMTC program.
Congress established the NMTC program in 2000 to attract investment to areas with low median income and high unemployment. The program takes private equity contributed by investors and turns it into gap financing for redevelopment projects. AEMI is one of only four community development entities in the state of Georgia to receive an award this year.
According to Dr. Eloisa Klementich, president and CEO of Invest Atlanta, AEMI has invested $313 million in 62 projects, creating 3,754 new jobs since 2010. “Through the City of Atlanta’s New Markets Tax Credit program, AEMI continues to make very meaningful investments in our communities that change not only neighborhoods but also the lives of residents living in them,” said Klementich. “We look forward to seeing this successful strategy continue with this latest allocation.”
AEMI is a U.S. Treasury-certified community development entity created by Invest Atlanta in 2005 that specializes in providing financing for projects that create jobs and revitalize Atlanta’s distressed neighborhoods.