I haven't ever received such a tax credit, but they appear to be a credit to be taken at tax filing time for a percentage of the "investment" in the project. Here's some information and a couple links:
New Market Tax Credit program, is a federal program that grants a tax credit for 39% of the total investment back over 7 years. The house of cards detailed above shows that credit to be 7.277 million, so ciphering backwards, the total investment at least according to this US Treasury pool of money is 7.227 / .39 = 18.531 million.
That figure is remarkably close to the totals of the loans + grants taken from the list I posted in October, 2011; $18.5M. Like I said, I suspect that each of the tax credit programs has its own criteria and counts different things as qualified investments.
The Federal Historic Tax Credit gives 20% of the investment back to the investor as a tax credit. Here it is listed as 5.381 million, so it must be based on an investment of 5.381 / .2, which = a calculated investment of $26.905 million. So the formula must count more items as being investment caliber than the new market credit listed above.
I believe the tax credit is doled to the developer and can be applied to filings for the current year, even if they result in a refund for that period.
I just hit the recent link to the channel 13 story and see that the developer is waiting for approval on a 4M tax credit. That's a new number . . . I don't know where it came from ? ? ?
That link also mentioned that the developer had spent $2M cleaning asbestos out of the building. I'll wager dollars to doughnuts that it wasn't their money and came via a grant from Clean Ohio. I hope the deal dies. Because it's a shitty deal for Toledo.
I've been looking at this for an hour or so, am going to go have a bourbon. Cheers.