Wachovia has received awards in three of the program's four allocation rounds to date.
U.S. Treasury Secretary John W. Snow announced Wachovia's selection at a ceremony in Philadelphia. Out of 254 applicants, 63 organizations nationwide received $4.1 billion in NMTC authority. Awards ranged from $2 million to $143 million; Wachovia and one other organization received the largest awards.
Wachovia's allocation allows it to continue the momentum of its successful NMTC program. To date, the company has invested or committed $277.3 million in NMTC to businesses operating in low-income communities across the U.S.
Created by Congress in 2000, NMTC is a federal tax program designed to help spur investment in businesses located in lower-income communities. The program is intended to have the same type of positive influence on business and economic development that the Low Income Housing Tax Credit has had on the construction of affordable housing.
Wachovia has joined with other community development organizations to advocate for extending the NMTC program, which is set to expire in 2007.
“As Wachovia has gained experience and expertise in NMTC, we have seen time and again how this program can create positive change in neighborhoods by making developments in distressed areas economically viable,” said Cathy Dolan, Wachovia's director of Community Development Finance. “The extension of this program would be invaluable to areas such as the Gulf Coast region, which is now beginning redevelopment after last year's devastating hurricanes and could see tremendous benefit from this subsidy.”
Wachovia expects to use a portion of its NMTC allocation to support redevelopment in the Gulf Coast.
In addition to investing its own NMTC allocation, Wachovia partners with other allocation recipients. To date, Wachovia has invested $111.3 million of its total $277.3 million commitment with six other NMTC allocation recipients on 11 developments.
NMTC developments Wachovia has invested in include:
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Association of Black Cardiologists International Library, Research and Conference Center
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Atlanta, Ga
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City Trust
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Bridgeport, Conn.
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Gateway Shopping Center
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Jacksonville, Fla.
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Imperial Cultural Arts Centre
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Rocky Mount, N.C.
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Lincolnton Industrial Building
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Lincolnton, N.C.
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The Navy Yard at Noisette
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North Charleston, S.C.
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New Jersey League of Municipalities
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Trenton, N.J.
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Nueva Esperanza Academy Charter School
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Philadelphia, Pa.
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Regency Square Shopping Center
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New Port Richey, Fla.
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Shops at Park Village, Anacostia
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Washington D.C.
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More information on NMTC can be found at http://www.cdfifund.gov/.
ABOUT WACHOVIA
Wachovia Corporation (NYSE:WB) is one of the nation's largest diversified financial services companies, providing 13.4 million household and business relationships with a broad range of banking, asset management, wealth management and corporate and investment banking products and services. Wachovia operates as Wachovia Bank through 3,159 offices in 16 states from Connecticut to Florida and west to Texas, and, until merger integration activity is completed, will continue to be known as Western Financial Bank in California. Two core businesses operate under the Wachovia Securities brand name: retail brokerage in 49 states and in Latin America, and corporate and investment banking in selected industries nationwide. Globally, Wachovia serves clients through more than 40 international offices. Online banking is available at wachovia.com; online brokerage products and services at wachoviasec.com, and investment products and services at evergreeninvestments.com. Wachovia had assets of $541.8 billion, market capitalization of $90.2 billion and stockholders' equity of $49.8 billion at March 31, 2006.
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