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Article: Department of Treasury Awards M&I Bank $40 Million New Markets Tax Credit Allocation.
- Article from:
- Investment Weekly News
- Article date:
- November 21, 2009
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M&I Bank (M&I) announced that it received a $40 million allocation of New Markets Tax Credit (NMTC) authority in the latest round of awards from the Department of Treasury.
The federal government's New Markets Tax Credit program will enable M&I to offer below-market interest rates and less expensive loans for the development of office, industrial, retail, residential, and community facilities in Wisconsin, Arizona, Florida, Indiana, Illinois, Kansas, Minnesota, and Missouri.
"M&I is pleased to have been awarded $40 million in New Markets Tax Credit," said Vincent Lyles, president, M&I Community Development Corporation. "Funding of this kind plays a ...