Assemblywoman Donna Lupardo (D-Endwell) announced that the 2011-2012 state budget agreement creates the Empire State New Market Corporation, an entity that will administer federal New Markets Tax Credits (NMTC) to boost development in low-income communities. This legislation – initially co-sponsored by Lupardo – was incorporated into budget bills (A.4010-C/S.2810-C) and passed near-unanimously by the Assembly and Senate yesterday.

“By providing critical funding for job-creating projects, the New Markets Tax Credit will help bring opportunity and drive investment in Binghamton and cities throughout upstate,” said Lupardo, a member of the Assembly’s Committee on Economic Development, Job Creation, Commerce and Industry. “Coupled with the Historic Rehabilitation Tax Credits that I co-sponsored, this is another valuable tool for developers to help revitalize upstate.”

The Empire State New Market Corporation, created by the Empire State Development Corporation (ESDC), will prioritize projects that are in low-income communities, focus on creating jobs, supporting minority and women-owned businesses, supporting environmentally sustainable outcomes and increase services in low-income communities. Applying for funding will be a competitive process.

Since its creation in 2000, the NMTC Program has resulted in the investment of over $14 billion of private sector capital in low income communities around the country. Once signed by the governor, the bill will take effect immediately to benefit existing projects.