First-ring Industrial Redevelopment Enterprise Inc., an affiliated entity of the City of West Allis, announced that it was chosen by the CDFI Fund of the U.S. Treasury Department to receive a $35 million new markets tax credit allocation.
FIRE was one of 76 organizations selected for 2015 new markets tax credits through a nationwide competitive application process.
“This is a huge win for West Allis and southeastern Wisconsin,” said John Stibal, president of FIRE. “With this capital, we will be able to bring a number of projects to life that can provide long-term, meaningful benefits to some of our most neglected communities.”
FIRE was formed in 2007 to attract tax credit and other funding incentives for projects that ca demonstrate significant and measurable community impact. FIRE provides below-market rates and terms for equity-equivalent, senior and subordinate loan products in health care, education, commercial, mixed-use and industrial projects in highly distressed communities in Milwaukee, Racine and Kenosha counties.
This year’s award will bring the total new markets tax credit allocations received by FIRE to $193 million.
