Geithner Unveils Stimulus Tax Credits In Roxbury
Treasury Secretary Timothy Geithner was in Boston on Wednesday to announce the national recipients of $1.5 billion of business tax credits, funded by the federal stimulus bill signed into law by President Obama 100 days ago.
The New Markets Tax Credit program is aimed at creating and saving jobs in areas that have been hard hit by the recession. Locally, the Rockland Trust Community Development Corp. is receiving $50 million in tax credits. Rockland Trust's Ed Seksay says the money will help the bank continue redeveloping low-income communities.
"The program is designed to promote tax advantage lending, which is what we do," he said. "And this award will enable us to do that in the communities that need that in southeastern Massachusetts — such as Taunton, Fall River and New Bedford."
Secretary Geithner made the announcement at Project Hope in Roxbury, which provides medical services for the needy. The organization is a past recipient of the tax credit award.
This program aired on May 27, 2009. The audio for this program is not available.