First NBC Bank’s development fund gets allocation

First NBC Bank in New Orleans said Thursday that First NBC Community Development Fund, the bank’s community development entity, was allocated $19.6 million in equity investment authority under the Louisiana New Markets Jobs Act.

The allocation granted by the state is designed to be matched with federal New Markets Tax Credit investments made through the fund.

The fund received an allocation of $50 million under the federal New Markets Tax Credit program earlier in 2013.

First NBC expects to invest its allocation of New Markets Tax Credits in projects totaling approximately $130 million and to generate additional loans of about $90 million related to the projects supported by the New Markets Tax Credits.

“The benefits provided by tax credit financing are enhancing the redevelopment of our community by enabling businesses and projects to be funded efficiently and at a low cost to borrowers,” said Ashton J. Ryan Jr., First NBC’s chief executive officer and president.

“First NBC will continue its commitment to actively participate in the rebuilding of New Orleans and support the communities that it serves,” he said.