Carver Bancorp Unit Receives $65 Million New Market Tax Credit Funds

Carver Bancorp, Inc., the holding company for Carver Federal Savings Bank, said  that its unit, Carver Community Development Corporation, a wholly owned subsidiary of Carver, was awarded $65 Million in New Market Tax Credit ("NMTC") funds.

Deborah C. Wright, the Company's Chairman and CEO, stated: "We are proud to be one of only thirty-two organizations to have received this award. It will provide the Company with significant tax benefits enabling Carver CDC to offer below market loans to real estate developers, not-for-profit organizations and small businesses serving low-income communities located in New York City, Newark, NJ and adjoining communities. This is the second allocation we have received. The first NMTC allocation of $59 million has been invested in low income communities, including the financing of a comprehensive healthcare facility in Harlem, providing working capital to a not-for-profit organization serving children and families with HIV and funding conversion of a landmark ballroom into affordable housing and cultural space for the community. I'd also like to express my appreciation to President Obama for his support of this very important program and Treasury Secretary Geithner for the Treasury Department's selecting Carver CDC to be an award recipient."

The NMTC program was created in 2000 to encourage the investment of private capital into commercial enterprises in low-income communities by providing participating organizations tax credits, taken over a seven year period, totaling 39 percent of the NMTC allocation. The NMTC program is administered by the Community Development Financial Institutions Fund, a division of the Treasury Department. The current award is from an allocation in the American Reform and Recovery Act signed by President Obama earlier this year.