LOW-INCOME HOUSING TAX CREDITS
The Low-Income Housing Tax Credit Program was created by Congress to encourage the creation of affordable rental housing.
Dudley Ventures has substantial expertise and investment capital available for the 9% credits, issued by allocation through state housing financing agencies, and the 4% credits available in conjunction with the issuance of tax exempt debt.
RENEWABLE ENERGY TAX CREDITS
Renewable Energy Tax Credits (such as the Investment Tax Credit and Production Tax Credits) were created by Congress to encourage the production and sale of electricity from renewable resources including wind, solar energy, biomass, geothermal deposits, and municipal waste.
HISTORIC TAX CREDITS
The federal Historic Tax Credit Program was enacted by Congress in 1981 to encourage the preservation and rehabilitation of historic properties. We work in all areas of the HTC Program including investment, and advisory work with developers and governmental entities to utilize the tax credits.
A note from our president
In October 2021, our long-term investment partner, Valley National Bancorp (“Valley”) (NASDAQ:VLY), acquired Arizona-based Dudley Ventures. We are thrilled to join Valley as we broaden the reach of serving communities through highly impactful tax credit investments. Valley’s expertise in commercial lending combined with its embedded service culture makes Valley a natural partner.
As the principal subsidiary of Valley National Bancorp, Valley National Bank is a regional bank with approximately $50 billion in assets. Valley is committed to giving people and businesses the power to succeed. Valley operates many convenient branch locations across New Jersey, New York, Florida and Alabama, and is committed to providing the most convenient service, the latest innovations and an experienced and knowledgeable team dedicated to meeting customer needs. Helping communities grow and prosper is the heart of Valley’s corporate citizenship philosophy. Click here for detailed information regarding Dudley Ventures and its affiliates.
NEW MARKETS TAX CREDITS
Creatively investing capital in highly distressed low-income
communities is the purpose of the New Markets Tax Credit Program, which
Congress created in 2000. HR 133, the Consolidated
Appropriations Act was signed into law in 2021. The bill included a five-year,
$25 billion extension of the New Markets Tax Credit Program to meet the demand
for this important resource.
Tax Credits are awarded by a division of the United States Treasury Department to Community Development Entities in a highly competitive process. In turn, the CDEs provide the investment through a rigorous screening process. New Markets Tax Credits have been a huge job creator, with over 1,000,000 jobs added in the most underserved areas in the United States.