Charlie Spies, CEO of CEI Capital Management, was appointed to the board of directors of the New Markets Tax Credit Coalition, a national advocacy group for the federal program aimed at encouraging private investment in low-income areas.
In a press release, CEI said the appointment comes as U.S. Sens. Jay Rockefeller, D-W.Va., and Roy Blunt, R-Mo., are pushing for legislation that would extend the tax credit program indefinitely for census tracts where the poverty rate is at least 20% or where the median family income exceeds 80% of the median for the area.
CEI Capital Management, the for-profit subsidiary of Coastal Enterprises Inc., with offices in Wiscasset and Portland, this year became the largest aggregate recipient of tax credits through the new markets program, winning $858 million in total awards from the U.S. Treasury.
