Council Approves Tax Credits Initiative

By  | 

The Meridian City Council Tuesday approved the creation of a community development and investment corporation to obtain federal tax credits for private investment in the city's historic and low income districts.

"We will be given an allocation of tax credits which we can sell to a bank or to an investor in our project to help with the funding of that project," said Bob Malone of the Community Development Corporation.

Those tax credits allow investors to channel money to certain approved projects in Meridian rather than pay the money in taxes to the federal government.

It is anticipated as much as $10 million could be approved for such projects in Meridian.