NEW MARKETS TAX CREDIT PROGRAM

Brownfields Program Art Program Cultural Tourism Grants & Loan Programs

Other Programs

Facts at a Glance

Wilmington
The Wilmington Industrial Park is a 232-acre industrial center located in the City of Los Angeles.
Goodyear Tract
The site is a 208-acre industrial area located in South Central Los Angeles, also near the Alameda Corridor. This area is occupied by 325 small industrial businesses, with many small vacant properties, and surrounded by residential neighborhoods.
Brownfield Program
The City created a $3.65 million Los Angeles Brownfields Revitalization Fund which can be used for assessment, acquisition, remediation, and community involvement activities at brownfields sites. Additional funds and incentives for site development are available.

New Markets Tax Credit Program

The City of Los Angeles received a $75 million allocation of New Markets Tax Credits (NMTC) in the 2007 Funding Round. The NMTC program, administered by the U.S. Department of the Treasury, permits taxpayers to receive a credit against federal income taxes for making qualified equity investments in designated Community Development Entities (CDEs).

The Los Angeles Development Fund, a California nonprofit organization, is the City’s certified CDE and will administer the tax credit allocation. The LADF was formed by the joint cooperation of the Community Development Department of Los Angeles (CDD) and the Community Redevelopment Agency of Los Angeles (CRA/LA).

The NMTC program is designed to stimulate economic development and promote investment in low-income communities. The LADF will use its tax credit allocation to generate investment capital which will be used to provide flexible financing to eligible borrowers to build economic development projects throughout the City of Los Angeles.