Twenty-Seven House Republicans Send NMTC/HTC Support Letter to Brady and Ryan

Blog, Case Studies, Latest News
Late last week, Congressman Smucker (R-PA) took the lead on a letter urging Speaker Paul Ryan and Chairman Kevin Brady to preserve the Historic Tax Credit (HTC) and make the New Markets Tax Credit (NMTC) permanent. The letter was open to House Republicans and 26 of his colleagues signed on. Here is the full list: Don Young (R-AK) Bradley Byrne (R-AL) Ted Yoho (R-FL) Adam Kinzinger (R-IL) Susan Brooks (R-IN) Ralph Abraham (R-LA) Bruce Poliquin (R-ME) Fred Upton (R-MI) Ann Wagner (R-MO) John Fason (R-NY) Steve Chabot (R-OH) Bob Gibbs (R-OH) Bill Johnson (R-OH) David Joyce (R-OH) Steve Stivers (R-OH) Michael Turner (R-OH) Brad Wenstrup (R-OH) Lou Barletta (R-PA) Ryan Costello (R-PA) Brian Fitzpatrick (R-PA) Lloyd Smucker (R-PA) Glenn Thompson (R-PA) Louie Gohmert (R-TX) Barbara Comstock (R-VA) Mike Gallagher (R-WI)…
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Helping Meet Housing Needs After Katrina

Helping Meet Housing Needs After Katrina

Blog, Case Studies, Disaster Assistance, Disaster Relief, Featured, Go-Zone
After Katrina and Rita, the New Markets Tax Credit (NMTC) served an important role in rebuilding community facilities including hospitals and schools, helping businesses replace damaged furniture and equipment, and bringing life back to devastated areas. Disasters isolate low-income areas that already lag far behind affluent communities in the availability of basic services like healthcare as well as the physical infrastructure needed to grow businesses and create economic opportunity. The construction of facilities and infrastructure is important, but economic recovery is difficult - if not impossible - if residents have no where to live. Katrina and Rita collectively displaced 1.3 million people and caused severe or major damage to tens of thousands of owner-occupied homes in areas struggling with high poverty and unemployment before the storm. The NMTC played an…
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NMTC Supporting Culinary Entrepreneurs

NMTC Supporting Culinary Entrepreneurs

Blog, Case Studies, Featured, Latest News
Kitchen incubators provide shared space for local chefs to grow their restaurants or turn a small food truck business into a bricks and mortar establishment. Below is a collection of stories about how the NMTC has supported culinary entrepreneurs. NMTC Projects Supporting Culinary Training and Entrepreneurship: LA Prep Commercial Kitchen Incubator https://www.youtube.com/watch?v=3xq42grRWnQ&loop=0R House: Baltimore's Emerging Chefs NMTCs Serve Up New Space for Food Business Entrepreneurs FareStart Culinary Academy Puts Homeless on Path to Success Ivy Tech Culinary School BOOM! Health Project Includes Workforce Training Cafe Enterprise Community Partners and Chase financed a mixed-use project in the Bronx that includes, among other things, a café called BOOM!Café, which will double as a community space and workforce training center on the ground floor. BOOM is working with Catalyst Kitchen, an incubator of…
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Recent NMTC projects in Akron, OH and Bellows Falls, VT

Recent NMTC projects in Akron, OH and Bellows Falls, VT

Blog, Case Studies, Featured, Manufacturing
Chroma Technology, Bellows Falls, VT: The growth of Chroma Technology, a leading manufacturer of optical filters and related products, has far exceed their existing production capacity. Financing from MHIC will increase the company's manufacturing and research and development facility by over 150%. The prosperity of this company is extraordinarily vital to this very low-income community because it is employee-owned and, with profit sharing, most of the employees can earn approximately $100,000/year. This expansion project will result in 28 new hires within the next 5 years. Akron Community Revitalization Fund: Akron, OH The Akron Community Revitalization Loan Fund, which will be overseen by the Development Finance Authority of Summit County (DFA), is designed to provide small loans to help launch projects — everything from rehabbing buildings to opening new businesses —…
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New Report: NMTC: At Work in Communities Across America

New Report: NMTC: At Work in Communities Across America

Blog, Case Studies, Featured, Latest News, Publications, Uncategorized
Today, the NMTC Coalition is excited to release a new report showcasing NMTC success stories from every state and the District of Columbia. These profiles from each state show the flexibility of the NMTC and demonstrate its ability to drive and leverage capital in investment-starved communities, creating economic opportunities and jobs in our country’s poorest rural communities and urban neighborhoods. Every four years, the Coalition releases this report, which serves as an important tool for educating new Administrations and new Members of Congress. The 2016 edition of the NMTC at Work report features 89 NMTC projects, ranging from rural to urban, from grocery stores, health care centers and community centers to manufacturing businesses and charter schools, as well as many other important projects identified by community leaders. These profiles from…
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Sen. Roberts visits Children’s Campus of KC to discuss strategies that help close the achievement gap

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Local health and education center highlights importance of high-quality facilities to the success of at-risk children KANSAS CITY, Kan., Aug. 8, 2016 -- When Sen. Pat Roberts sat down with preschoolers today at the Children's Campus of Kansas City (CCKC), he was focused on much more than story time and snacks. The senior senator from Kansas dropped in on the first day of school to learn more about CCKC's model for closing the achievement gap among low-income kids—starting with a unique community facility designed specifically for young learners. CCKC is home to three non-profit organizations that provide a continuum of services focused on the health and wellness of children from birth to age five. That includes nearly 150 preschool students participating in CCKC's Educare program, which lays a strong educational…
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Both Parties Embrace the NMTC for Rural Areas

Both Parties Embrace the NMTC for Rural Areas

Blog, Case Studies, Latest News
Democratic Platform Supports the NMTC [caption id="attachment_7286" align="alignright" width="300"] In Philadelphia, the site of the DNC, the NMTC transformed a former textile mill and warehouse into apartments for teachers and non-profit office space designed for education related firms.[/caption] On Monday, July 25th, delegates at the Democratic National Convention approved a party platform that included several proposals to protect and expand the New Markets Tax Credit: Ending Poverty and Investing in Communities Left Behind: "We will expand and make permanent the New Markets Tax Credit." Building Strong Cities and Metro Areas: "We will support entrepreneurship and small business growth in cities by providing mentoring and training to entrepreneurs and small business owners in underserved communities as well as expanding federal funding for the New Markets Tax Credit, community development financial institutions,…
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NMTC Partnership Achieving Community Goals With Sibley

NMTC Partnership Achieving Community Goals With Sibley

Blog, Case Studies, Featured, Latest News
[caption id="attachment_7042" align="alignright" width="296"] Rendering by Winn Development[/caption] What do you do with one million square feet of underutilized and vacant department store in your city center, with a building constructed in 1905? That’s the question community leaders in Rochester, New York needed solved with the Sibley Building, once the largest department store in America between New York City and Chicago. In May, Boston-based WinnDevelopment closed on financing of two separate QALICBs for the overall $68.95 million redevelopment component of the site, utilizing $42.51 million in New Markets Tax Credit (NMTC) financing from four Community Development Entities (CDEs) and a mix of public financing sources. The project also utilized more than $13.7 million in state and federal Historic Tax Credits and $1.8 million in loans from the City of Rochester…
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Lake Mead Christian Academy Project Part of a Surge in NMTC Activity in Nevada

Case Studies, Latest News, Uncategorized
[gallery type="slideshow" size="large" link="file" ids="6758,6759"] 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…
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San Jose Educare Project Shows the Importance of the NMTC for Nonprofits and Community Facilities

Blog, Case Studies, Latest News, NMTC Success Stories
On Friday, October 16th, Educare of California at Silicon Valley (“ECSV”) and Opportunity Fund will celebrate the recent opening of a new Educare facility in San Jose’s Santee neighborhood. The new school, which is more than 7 years in the making, will provide year-round early childhood education and care to 160 children. The project would not have been possible without the support of several local foundations, U.S. Bank, and the expired federal New Markets Tax Credit (NMTC) program. This is the seventh Educare facility financed by the New Markets Tax Credit program nationwide, which has financed more than a thousand community facilities in low-income areas across the country. In fact, the NTMC is one of the most effective federal tools available to finance new or upgraded facilities for nonprofit service…
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