Alaska’s Governor Sean Parnell recently signed new legislation (SB 66) into law that will create a new markets tax credit (NMTC) loan guarantee and leveraged loan assistance program within the Alaska Industrial Development and Export Authority (AIDEA). This program allows AIDEA to issue a loan guarantee to any business enterprise issued NMTCs by a community development entity (CDE) in order to finance projects in low-income areas or otherwise serving low-income populations. The law also provides the authority with the ability to issue a leveraged loan to any NMTC awardee that is unable to obtain a leveraged loan from another financial institution. The bill stipulates that the combined outstanding principal balance of loan guarantees and leveraged loans may not exceed $40,000,000. SB 66, which was originally introduced at the request of Governor Parnell, goes into effect immediately.
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