Earlier this month, Clearinghouse CDFI and Lake Mead Christian Academy celebrated the groundbreaking of their new Henderson, NV facility. Clearinghouse CDFI provided long-term financing for the school, that provides infant day-care services and schooling for grades K-12. The Lake Mead project is part of a recent surge in NMTC activity in Nevada, a state that – until recently – had been underserved by the program.
Lake Mead Christian Academy currently serves 610 students and carries a higher graduation rate than the overall state. Extracurricular activities and ministry services are also provided to the local community through the school.
Financing for this project was made possible thanks to Clearinghouse CDFI’s use of the New Markets Tax Credit program along with funds Clearinghouse CDFI recently received through the U.S. Treasury’s CDFI Bond Guarantee Program.
Growing NMTC use in Nevada
Between 2003 and 2014, only three NMTC projects were closed in Nevada. In response to this situation, and in order to ensure a more equitable distribution of NMTC across the country, the CDFI Fund several years ago began to give a small preference to applicants promising to target one or more of ten “underserved” states. This approach has succeeded. States like Nebraska, Kansas, and Nevada are finally seeing more NMTC investment. By the end of 2015, there may be as many as a dozen NMTC projects in Nevada.
CDEs with investments in Nevada include Nevada-based Las Vegas Community Investment Fund, Clearinghouse CDFI, CRF USA, and Zions Bank. Other CDEs targeting Nevada with available allocation left include Dudley Ventures, Al Wainwright LLC, Citigroup, Enhanced Capital, Mid City Legacy LLC, Stonehenge Capital Company LLC, US Bank, Aries Capital, and Wells Fargo. These CDEs may have already closed projects in Nevada. If you represent one of these CDEs, please contact paul@rapoza.org and let us know so we can highlight them on this post.
2015 Nevada NMTC projects include:
Northern Nevada Hopes
Northern Nevada HOPES medical center to offer 43 full-time jobs and 105 construction jobs and to serve 10,000 patients.
Eclipse Cinemas
Eclipse Cinemas is the development of vacant land into a one-stop, downtown entertainment complex. Impact: 200 construction jobs & 81 full-time jobs created.
Washoe Travel Plaza
The development of the Washoe Travel Plaza will produce a sustainable source of revenue for this Nevada and California tribe. Impact: 125 jobs on Native American land
Historic Westside School
The groundbreaking for the rehabilitation of the Historic Westside School in Las Vegas was Jan. 17. The project received $14 million in NMTC financing from the Las Vegas Community Investment Corporation and U.S. Bancorp Community Development Corporation.
If you have projects in Nevada, please contact paul@rapoza.org so we can highlight them.
