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$135 million in New Markets tax credits to Md. groups

Four Maryland organizations won the right to raise $135 million for community development projects by selling federal tax credits, the Treasury Department said Wednesday.

The New Markets tax credits help developers fund projects intended to add jobs and bring other improvements to distressed areas. Investors purchasing the credits from New Markets recipients receive a break on their federal income taxes.

The local recipients are Baltimore-based CDF Development, a Cordish Cos. affiliate that intends to invest in retail and mixed-use projects; Baltimore-based Harbor Bankshares Corp., which will offer below-market-rate loans to projects in low-income neighborhoods; Columbia-based ESIC New Markets Partners, which focuses on health care centers, healthy-food options and mixed-use developments; and Bethesda-based Mid-City Community CDE, whose investments will include transit-oriented businesses.

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