WristbandsNow.com

NCB Capital Impact benefited from the latest wave of New Markets Tax Credits from the Treasury Department.

The Arlington-based nonprofit affiliate of NCB, which supports health, housing and education facilities in low-income areas, was one of 32 organizations competitively picked to get a total of $1.5 billion in New Markets Tax Credits through the stimulus package.

The $90 million in credits, which aim to help retain and generate jobs and forge economic development in distressed communities, will help NCB Capital Impact and its partners create 1,000 new jobs, 3,000 new school seats for low-income children, 100 units of workforce housing, and provide 25,000 working families with quality, affordable health care across the U.S., said NCB.

Since mid-2005, NCB Capital Impact has closed on $205 million in credit transactions that have leveraged over $500 million in capital for underserved populations. NCB used funds to help Media and Technology Charter High in Boston reduce its debt service costs by 40 percent.

Last year, NCB Capital Impact gave out a record $208.1 million for education, health care and affordable homeownership programs that benefit low- and middle-income communities nationwide.

The New Markets Tax Credit Program, created by Congress in 2000, lets individual and corporate taxpayers receive a credit against federal income taxes for making qualified equity investments in investment vehicles.

Other local organizations to get funding were McLean-based Capital One Community Renewal Fund LLC, which received $90 million, and McLean-based Solomon Hess Loan Fund LLC, which received $50 million.