CEI subsidiary gets $55M capacity for New Markets Tax Credit program
Photo / Tim Greenway
Charles J. Spies III, CEO of CEI Capital Management LLC, plans to step down this month.
CEI Capital Management, a subsidiary of Coastal Enterprises Inc., announced Monday that it has received $55 million in New Markets Tax Credit capacity from the federal government.
The organization was one of 76 community development entities to receive a total of roughly $3.5 billion in New Markets Tax Credit Capacity from the U.S. Department of Treasury. The organization said the added capacity will allow CEI Capital Management to support projects in rural areas that create or retain jobs.
“This significant allocation allows us to continue our work to diversify rural economies,” CEI Capital Management CEO Charlie Spies said in a prepared statement. “Incenting investors to these projects creates a ripple effect that extends more broadly into communities through the supply chain and local businesses, restaurants, barber shops, hardware stores and pharmacies, to name a few.”
CEI Capital Management said it has employed New Markets Tax Credits for 88 projects since 2004, which resulted in the creation or preservation of more than 4,500 permanent jobs at a variety of businesses, including paper mill and sawmill operators and health care providers.
“The New Markets program has been a successful instrument in the pursuit of our mission, to advocate for low income individuals, children and families at the margins of society,” CEI founder and CEO Ron Phillips said in a prepared statement. “We are able to leverage the positive aspects of financial markets, using tax policy to induce community development.”
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