The Hope Enterprise Corporation and the 28,000-member Hope Community Credit Union earmarked some New Markets Tax Credit money to help renovate an elementary school.
The NMTC program, administered by the U.S. Treasury Department's Community Development Financial Institution's Fund, provides Community Development Financial Institutions with funds provided by corporations in exchange for tax credits.
Hope used $6 million in NMTC Funds provided by a subsidiary of US Bancorp through a community development organization to provide a loan for the renovation of McDonough 42 Elementary School, located in a historic New Orleans neighborhood.
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