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DEPARTMENT OF TREASURY AWARDS WACHOVIA $90 MILLION NEW MARKETS TAX CREDIT ALLOCATION Additional funds will help Wachovia promote economic development in low-income communities Charlotte, N.C. - Wachovia announced today that it received a $90 million allocation of New Markets Tax Credit (NMTC) authority in the latest round of awards. Wachovia received the largest allocation of any bank. U.S. Treasury Secretary John W. Snow and Community Development Financial Institutions Fund Director Arthur A. Garcia announced Wachovia's selection at a ceremony in Washington, D.C. yesterday. At the event, North Carolina Senator Richard Burr praised Wachovia's history as a strong community citizen. Wachovia and Durham-based Self Help Ventures Fund were the only two North Carolina-based organizations out of 41 awardees. Together, Wachovia and Self Help received $185 million—nearly 10 percent of the total $2 billion awarded. The average allocation size for all awardees was just under $49 million. Wachovia's allocation allows it to continue the momentum of its successful NMTC program, which began when it received a $150 million award in the first round of funding under the federal program in 2002. 100 percent of that original allocation has been invested or committed to businesses operating in low-income communities across the nation. "We're thrilled that our NMTC program stood out in an incredibly competitive selection process," said Cathy Dolan, Wachovia's director of Community Development Finance. "This new award is a strong endorsement of that program. With these funds, we can continue to make a real difference in the communities where we operate." In addition to investing its own allocation, Wachovia invested in other NMTC allocation recipients. As a result, Wachovia has increased economic development and business expansion in more low-income communities. Developments that have received funding from Wachovia's initial allocation include:
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. Over seven years, the NMTC program will encourage $15 billion of capital investment in low-income urban and rural areas. More information on NMTC can be found at http://www.cdfifund.gov/. ABOUT WACHOVIA Wachovia Corporation (NYSE:WB) is one of the largest providers of financial services to retail, brokerage and corporate customers, with retail operations from Connecticut to Florida and west to Texas, and retail brokerage operations nationwide. Wachovia had assets of $506.8 billion, market capitalization of $80.3 billion and stockholders' equity of $46.5 billion at March 31, 2005. Its four core businesses, the General Bank, Capital Management, Wealth Management, and the Corporate and Investment Bank, serve 13 million household and business relationships primarily through 3,277 offices in 15 states and Washington, D.C. Its full-service retail brokerage firm, Wachovia Securities, LLC, also serves clients through 693 offices in 49 states and five Latin American countries. Our Corporate and Investment Bank serves clients primarily in 10 key industry sectors nationwide. Global services are offered through 33 international offices. Online banking and brokerage products and services also are available through Wachovia.com. |
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