$2B in tax credits for lower-income growth

WASHINGTON, May 11 (UPI) -- U.S. Treasury Secretary John Snow Wednesday announced $2 billion in tax credit allocations to boost growth in poor communities.

A total of 41 organizations have been selected to benefit from the New Markets Tax Credit Program, which aims to attract private funding to low-income areas.

Those receiving the tax credits will get credit against federal income taxes for making equity investments in the designated areas.

The program was launched in December 2000 and Treasury said it has already leverage well over $2 billion in equity from investors.