The Innovate Fund awarded $55M in new markets tax credits

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The Innovate Fund, a South Carolina-based community development entity managed by Tax Advantage Group and Greenville Local Development Corp., has been awarded a $55 million allocation of new markets tax credits by the Community Development Financial Institution Fund of the U.S. Department of the Treasury. The funds will help finance economic and community development projects in low-income communities across South Carolina.

The Innovate Fund was the only community development entity focused solely on South Carolina to receive an allocation in this year's round of funding, according to a news release. The purpose of the federally funded New Markets Tax Credits program is to stimulate new investment in disadvantaged businesses and low-income communities with high levels of poverty and unemployment.

"The Innovate Fund will invest the $55 million in operating businesses or real estate developments that support job creation and economic mobility, as well as community facilities that create improved health and wellness services in low-income communities throughout South Carolina," said David Barnett, the Innovate Fund board chairman, in the release.