New Market Tax Credits Program

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NEW MARKETS TAX CREDIT PROGRAM

In Portsmouth, Creating Opportunity for Investors and the Community Statewide

 The federally funded New Markets Tax Credit (NMTC) program is designed to attract statewide capital investment into low-income areas to stimulate economic opportunity, development and job creation.

  •  The Portsmouth Redevelopment and Housing Authority (PRHA) created Southside

Development Enterprises, LLC as a certified vehicle through which investors can take advantage of the generous tax credits made available through the program. Those tax credits amount to 39% of the investment over the course of seven years.

  • In turn, Southside Development Enterprises uses that investment to make loans with favorable terms for construction, renovation, and expansion within underserved communities in the commonwealth. In addition to commercial development loans, funds can also be used for education, health care, and other community-oriented projects.
  • To date, Portsmouth and Southside Development Enterprises have been awarded $31 million to be allocated as credits through the New Markets Tax Credit program.

 For more information regarding this program and to find out if your business project may be eligible, please contact the Director of Development at (757) 391-2910 or at development@prha.org.

  

Southside Development Enterprises, LLC

3116 South St., Portsmouth, VA 23707

Phone: (757) 399-5261 • Fax: (757) 399-8697