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April 26, 2013

CEI awarded $80M in tax credits from Treasury

The U.S. Treasury Department has allocated Portland-based CEI Capital Management $80 million in tax credits that the company will award to support projects in low-income and rural communities.

CEI announced the allocation, which is the largest given in the latest round of federal tax credit allocations, in a press release Thursday.

CEO Charlie Spies told Mainebiz in February that CEI was vying for $100 million in tax credit allocations in this latest round of awards.

CEI has received tax credit allocations for nine of 10 years of applications and in that time has invested in 18 projects across the state. It estimates that around 1,770 jobs were preserved or created through those projects in Maine.

Over 10 years, CEI has placed more than $658.8 million in 74 projects around the country.

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