The California State Department of Insurance has announced a new round of Community Development Financial Institution (CDFI) tax credits becoming available this spring from the California Organized Investment Network (COIN) program. $18 million will become available in the 2014 calendar year. COIN, a division within the California State Department of Insurance, makes these tax credits available to investors (corporations, individuals, and other entities) which invest into Community Vision other California CDFIs. To qualify, an investor needs to make a minimum investment of $50,000 for at least a sixty month term at zero percent interest. They will then be able to receive a 20% California tax benefit.
These tax credits will leverage $90MM of private investment for the 2014 calendar year. Community Vision will use these invested dollars to help build affordable housing and community facilities in low-income communities throughout our 46 Northern California service areas.
For further information, please contact Sherry Simmons, Director of Resource Development at Community Vision, by phone (415-392-8215 x307) or email (ssimmons@www.ncclf.org).
