CLAYTON — The U.S. Department of Treasury has awarded five St. Louis-area organizations $275 million in New Markets Tax Credits for projects aimed at spurring economic development.
The community development arm of U.S. Bank received $65 million, the most awarded to the regional groups.
Development entities for Enterprise Financial Services Corp. and national low-income housing developer McCormack Baron Salazar received $60 million each.
Heartland Regional Investment, affiliated with the St. Louis Economic Development Partnership, received $50 million. St. Louis Development Corp. received $40 million.
“The tax credits provided through this allocation provide a valuable tool to extend our reach and capacity to serve disinvested communities,” Enterprise President and CEO Jim Lally said in a statement.
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The $275 million was awarded through the Treasury's Community Development Financial Institutions Fund, which awarded $15 billion in total across the country, according to a release.