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RALEIGH – U.S. Treasury Secretary Tim Geithner visited the Triangle Thursday to attend a roundtable discussion on New Market Tax Credits and how they can help spur high-tech jobs in the area.

The visit comes as the Obama administration marks one year since approval of the federal stimulus.

Geithner joined congressmen and local leaders on a tour of thee recently renovated Golden Belt Complex where art gallery owner John Pelphrey set up his gallery last year with help from federal tax credits.

“to see things on the ground level and see there are people like me who've taken a risk and put our financial future and everything that we have on the line as a small business owner to help grow the economy, I hope that's part of what he gets to touch and see as he travels around the country,” Pelphrey said.

$8 million of the $12 million it took to renovate the Golden Belt Complex came from private financing made possible by New Markets Tax Credits. The complex employs around 400 people.

“One of the biggest problems distressed communities face is attracting new investment,” Geithner said. “This program helps solve some of this problem by reducing the risk investors face by putting capital to work in these communities.”

After a roundtable discussion with local leaders about how to further use New Market Tax Credits to entice investors. He discussed President Barack Obama's proposal to extend the program by $5 billion in next year's fiscal budget.

Pelphrey is convinced that the tax credits are good for American business and says he's anxious to see how the federal stimulus could continue to help his business grow.

Last year's Recovery Act allotted $5 billion for 2008 and 2009 for New Market Tax Credits.