income taxes for making qualified equity
investments in designated community development entities
(CDEs). In simplest terms, this program makes it attractive for
investors to provide capital for community development projects
in low income areas because they receive a federal tax credit.
Without the incentive of the tax credit, it’s unlikely
that investors would front capital for many of these projects.
In Lynchburg, a Virginia Main Street community, the Lynchburg
Neighborhood Investment Fund received a $70,000 award to make
affordable housing loans to low-income individuals. For more
information, visit www.cdfifund.gov.
POSITIVE SIGNS FOR THE FUTURE
In her conclusion, Kennedy Smith stated,
“there are some threats to downtowns, but also some of
the best signs I’ve seen in over 20 years of working at
the National Main Street Center.” The strength of Main
Street is the commitment of local governments and volunteers
across the country to save buildings and revitalize downtowns. 
guide, Doing
Business In Old Town Winchester,
contains information on ten different financial resources
available from local, state and federal sources. Currently it
is easier to develop outside of traditional downtowns because
there are fewer hoops to jump through. Incentives like tax
increment financing districts, local technology zones,
enterprise zones and various types of tax credits make locating
in downtown attractive.
One tax credit program she specifically
mentioned was the new markets tax credits program, that is targeted
to low income areas. The new markets tax credits program
permits investors to receive a credit against federal
For more information:
Amy Yarcich
Virginia Main St. Program
Dept. of Housing and Community Development
The Jackson Ctr.
501 N. Second St.
Richmond, VA 23219
(804) 371-7040
amy.yarcich
@dhcd.virginia.gov
@dhcd.virginia.gov
