Civic San Diego announced Wednesday it is looking for projects to fund with New Markets Tax Credits, which allow corporations or individuals to make donations and receive credits against their income taxes.
The agency, which assists the city of San Diego in development in downtown and other urban areas, is looking for projects to finance with $83 million of funding. To qualify, a project must be located in, or directly benefit, a low-income community by creating quality jobs, or providing goods or services to low-income people, according to the agency.
"Civic San Diego's New Markets Tax Credit program is one example of how our organization has quickly and nimbly responded to the dissolution of redevelopment and continued to invest in our communities in projects that make a positive difference," said Civic San Diego President Reese Jarrett. "The New Markets Tax Credits attracts capital to projects that provide community services and benefits that contribute to improving the overall quality of life in San Diego."
The financing program is intended to provide no more than 20 percent of a project's total cost, and is best suited for large capital projects of $8 million or more, according to Civic San Diego.
As part of its announcement, Civic San Diego said an $8 million donation from Bank of America Merrill Lynch will go to the Urban Corps of San Diego County to help the job-training nonprofit pay down its mortgage and fund operations.
Urban Corps youth work 24 to 30 hours each week learning tangible job skills and earning vocational credits.
Members attend school two days a week and spend one hour each day after work in a study group to prepare for the California High School Exit Exam.
"This amounts to a huge investment in the youth of San Diego and the future of our community," said Robert Chavez, CEO of Urban Corps.
"New Markets Tax Credit funding will greatly enhance our organization's ability to help more young adults positively reengage in the community, become self-sufficient through real-world job training and education, and in- turn, support their families and the economic development of their own neighborhoods," Chavez said.
The new funding is expected to help Urban Corps to increase annual enrollment from 190 to 230 youth and increase the average number of annual graduates from 100 to 125.
