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A development corporation planning a 500,000-square-foot office building in downtown Jamaica has received $21 million in tax credits as part of a new federal initiative to stimulate investment in low- income areas.
The New Markets Tax Credit, issued through the U.S. Treasury Department, awarded the grant two weeks ago to the Greater Jamaica Development Corp. for an office tower near Sutphin Boulevard and 94th Avenue. Its development partner is Berwyn, Pa.-based developer LCOR Inc., whose projects include Terminal 4 at Kennedy Airport.
The New Markets Tax Credit was established to encourage investment in areas that...