SOURCE: Morgan StanleyDESCRIPTION:
NEW YORK, June 6, 2014 /3BL Media – Morgan Stanley announced today that it has received $60 million in New Markets Tax Credits (NMTC) from the U.S. Department of the Treasury to expand its investment programs aimed at revitalizing underserved communities.
The $60 million is provided by the Treasury Department’s Community Development Financial Institutions Fund and represents the highest amount awarded this year. The award will help Morgan Stanley expand its existing community revitalization programs, which provide financing for Federally Qualified Health Centers and small businesses across the United States and support the creation of new jobs.
“Morgan Stanley is committed to collaborating with our community partners and the public sector to spur economic growth and opportunity in underserved communities,” said Tom Nides, Vice Chairman of Morgan Stanley. “This award will allow us to continue and deepen these efforts. We are grateful to our community partners for their close collaboration, which will ensure that we maximize the lasting community impact this award will generate.”
Morgan Stanley is one of 87 organizations, selected from a pool of 310 applicants, to receive the New Markets Tax Credit awards. Since 2010, the Firm has committed $7.1 billion to community development initiatives – including the $100 million Healthy Futures Fund, which aims to integrate health centers with affordable housing and utilized NMTC financing.
The New Markets Tax Credit Program is designed to help economically distressed communities attract private investment capital to spur job creation and economic development. Since inception, New Markets Tax Credit Program investments have created an estimated 561,873 new jobs and supported the construction of millions of square feet of manufacturing, office and retail spaces, according to the Treasury Department.
Morgan Stanley (NYSE: MS) is a leading global financial services firm providing a wide range of investment banking, securities, investment management and wealth management services. The Firm's employees serve clients worldwide including corporations, governments, institutions and individuals from more than 1,200 offices in 43 countries. For further information about Morgan Stanley, please visit www.morganstanley.com.
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KEYWORDS: Finance & Socially Responsible Investment, Volunteerism & Community Engagement, NMTC, Treasury, New Markets Tax Credits, community development, Morgan Stanley