Groups serving low-income and developing communities receive $130M in tax credits  Nov 2, 2009
By: Portland Business Journal - Monday, November 02, 2009

Two Portland institutions and a Southwest Washington bank with a significant local presence have been allocated $130 million to spur investments in low-income and developing communities.

Receiving money through the federal New Markets Tax Credit program:

Portland-based Ecotrust, which used previous New Market allocations to fund a conservation-oriented approach to logging, will receive $30 million.
Portland-based United Fund Advisors, which provides development financing for projects that meet social and environmental goals, will receive $60 million through its subsidiary National Community Fund I LLC.

Ilwaco, Wash.-based ShoreBank Enterprise Group Pacific, which maintains a Portland office and is targeting the region for growth, received $40 million.

These funds were among $5 billion in allocations made on Oct. 30, $1.5 billion came through the American Recovery and Reinvestment Act.

New Markets Tax Credits provide a seven-year tax credit to organizations that invest in low-income communities.