A tractor leveled an old motel in Downtown Reno Monday. Northern Nevada Hopes will build a 37,000 square-foot medical facility on the site. The project is partially paid for by Nevada’s New Market Tax Credit Program. Banks and insurance companies can invest up to $300 million dollars in businesses, non-profits and infrastructure in return for federal and state tax credits. Northern Nevada Hopes CEO, Sharon Chamberlain, says this is a demonstration project for low-income areas state-wide.
“The thing that is remarkable about this program is the benefit that it has because it targets specifically distressed and low-income areas. Not only does the project have to be in one of those areas but it also has to serve that community.”
Chamberlain says similar tax credit programs have been in place in other states for years, but until now no similar investment opportunities have been available in Nevada.