February 2012 Archive

The Finance Authority of Maine (FAME) recently announced the allocatees for the newly created Maine New Markets Capital Investment Program.

“FAME is pleased by the level of interest in this new program,” stated FAME Board Chair Susan Snowden.  “The expected investments should help spur economic development and job creation in Maine.”

The list of entities whose allocation applications were approved is as follows:

• Advantage Capital of New Orleans, LA (total tax credit allocation of $41,666,666.64 split among 5 different related entities)
• CCG Community Partners, LLC of Princeton, NJ (tax credit allocation of $41,666,666.66)
• CEI Capital Management, LLC of Portland, ME (tax credit allocation of $41,666,666.66)
• Enhanced Community Development, LLC of New Orleans, LA (tax credit allocation of $41,666,666.66)
• Stonehenge Community Development, LLC of Baton Rouge, LA (tax credit allocation of $41,666,666.66)
• USBCDE, LLC of St. Louis, MO (tax credit allocation of $41,666,666.66)

The Maine New Markets Capital Investment Program was established during the First Session of the 125th Maine Legislature.  It is modeled after the federal New Markets Tax Credit program.  Designed to attract investment in economically distressed areas, the program allows eligible investors to claim tax credits against state taxes in amounts up to 39 percent of a project’s total cost.  The maximum aggregate amount of tax credit authority is set forth at $250 million and the total amount of tax credits allowed per fiscal year is $20 million.  FAME administers the program in cooperation with Maine Revenue Services.

Allocatees have two years from the date of FAME’s notification to utilize their tax credit allocations.  Use of the allocations must be approved by FAME.  In the event the full amount of any allocation is not used to finance approved projects within two years, the allocation will automatically lapse and be subject to reallocation.  Recipients must file annual reports with FAME which, in turn, will be shared with the Legislature as it assesses the value and effectiveness of the program.

Click here for more information on the program.

Items of interested for February 2012:

Changes for FAME's Education Group

State of Maine Grant EFC Cut-off Increased

GEAR UP Scholarship Guidelines

The Finance Authority of Maine (FAME) is calling attention to “America Saves Week” and encouraging Maine students and families to explore ways to save for college and reduce student loan debt. 

Observed this year from February 19 – February 26, America Saves Week (www.americasaves.org) is a national event designed to raise awareness about the importance of saving, investing and preparing for future needs.  The national campaign is sponsored by the American Savings Education Council.

To highlight America Saves Week, FAME is reminding Mainers of the availability of its financial education and college access resources, including Maine’s college savings program, the NextGen College Investing Plan® (NextGen®).  For more information about all of FAME’s programs, please visit: www.famemaine.com.

“FAME offers extensive financial education resources to assist individuals in gaining a better understanding of borrowing, saving, and investing.  We encourage Maine students and families to begin saving for college early and to explore all financial aid options as ways to limit student loan debt,” commented FAME Chief Executive Officer Beth Bordowitz.

FAME also is a proud sponsor of the upcoming Fostering Financial Literacy in Maine Schools Conference on April 26, 2012 at the Augusta Civic Center.  This third annual training conference brings together educators, administrators and counselors who are dedicated to improving the financial capability of Maine students.  For more information about the conference, visit http://www.jumpstart.org/states-maine.html