Salt Lake-based Zions Bancorp. said Wednesday that its affiliate, Zions Community Investment Corp., has been selected by the U.S. Department of Treasury to participate in the New Markets Tax Credit program.
Created in December 2000 by Congress, the program attracts private-sector capital investment into low-income areas to help finance community development projects, stimulate economic opportunity and create jobs.
As one of 62 NMTC award recipients, Zions Community Investment Corp. is authorized to issue $100 million in equity.