Stonehenge Community Development of Baton Rouge has been awarded $55 million in federal New Markets Tax Credits, which it plans to invest in job-creating businesses located in economically distressed areas across the U.S.
Stonehenge was among several organizations that will share the $3.5 billion in tax credits, which came from the U.S. Treasury Department’s Community Development Financial Institutions Fund.
Ben Dupuy, director of Stonehenge Capital, the parent company of Stonehenge Community Development, said the firm plans to spend the next several months evaluating investment opportunities, concentrating on businesses in industries such as manufacturing, health care and education.
Since the New Markets Tax Credit program was established over a decade ago, Stonehenge has received more than $550 million in allocations. Those credits have been used locally for a variety of projects, such as the redevelopment the Hotel King into the Hotel Indigo and to fund programs aimed at making fresh fruits and vegetables more available to people living in urban and rural areas.