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U.S. Treasury awards $60 million in tax credits for San Francisco nonprofits in underserved neighborhoods

PIX Now - Morning Edition 10/3/23
PIX Now - Morning Edition 10/3/23 09:37

The U.S. Department of the Treasury awarded $60 million in tax credits to support San Francisco's nonprofit organizations and projects in underserved neighborhoods, city officials said Monday.

The New Markets Tax Credits will be distributed to the San Francisco Community Investment Fund, a nonprofit tasked to help fund projects with community benefits in low-income San Francisco neighborhoods, Mayor London Breed's office said in a news release.

"Our non-profits and small businesses are at the core of community and neighborhoods across our city," Breed said in a statement. 

"This federal support comes at a time when so many of our businesses and community organizations are still recovering, but we know there is much more work ahead. I want to thank the U.S. Treasury for including San Francisco in this allocation and supporting our city's recovery."

The tax credits will help local businesses and nonprofits to use underutilized buildings in San Francisco's low-income neighborhoods, create jobs and investment, and provide sustainable community services, the mayor's office said.

The SFCIF has supported 15 projects across eight neighborhoods in the city, created over 1,000 construction jobs, and deployed $216.5 million in New Markets Tax Credit allocations, according to city officials.

Previous tax incentives have boosted the construction of projects such as the Meals on Wheels San Francisco food distribution center in the Bayview District, the Community Music Center and Hamilton Families buildings in the Mission District, the community and childcare center in the Sunnydale HOPE SF public housing development, the renovation of the Geneva Car Barn in the Excelsior district, and the 447 Minna cultural hub and the West Bay Pilipino Multi-Service Center in the South of Market neighborhood, the mayor's office said.

Those interested in the San Francisco Community Investment Fund can visit Applications are received and reviewed on a rolling basis, according to city officials.

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