Rep. Lynn Jenkins (R-KS) visits Kansas City Tech Start-up Payit

Rep. Lynn Jenkins (R-KS) visits Kansas City Tech Start-up Payit

Blog, Featured, Latest News, NMTC Success Stories
[caption id="attachment_7149" align="alignnone" width="640"] Rep. Lynn Jenkins (R-KS) visits NMTC-financed Payit[/caption] On June 29, 2016, U.S. Rep. Lynn Jenkins (KS-02), the fifth-highest-ranking member of House Republican leadership and a member of the U.S. Ways and Means Committee, toured Kansas City startup PayIt. PayIt is a cloud-based mobile solutions platform for government, leveraging its technology and insights to rewrite and automate the citizen engagement experience. PayIt’s patent-pending mobile platform brings speed and simplicity to the citizen-government payment processing experience for state and local services, such as the DMV, permits and licensing, turnpike passes, income tax, traffic citations and more. Kansas Transportation Authority recently deployed the PayIt Kansas mobile app, providing K-TAG account users the ability to access and manage their K-TAG account anytime, anywhere, directly from their smartphones. The visit was…
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Treasury Secretary Lew and Congressman Xavier Becerra Visit L.A. Prep Incubator

Treasury Secretary Lew and Congressman Xavier Becerra Visit L.A. Prep Incubator

Blog, Latest News, NMTC Success Stories
Last month, to mark National Small Business Week, Congressman Xavier Becerra (D-CA), Chairman of the House Democratic Caucus, joined Treasury Secretary Jack Lew at the NMTC-financed L.A. Prep in Lincoln Heights. The L.A. Prep project involved the acquisition and renovation of 56,000 square foot former warehouse into an incubator for small food producers who have outgrown their startup spaces. The project moved forward thanks in part to $16 million in NMTC allocation from Los Angeles Development Fund and UrbanAmerica. Capital Impact Partners provided $11 million in leveraged debt, with $5.1 million in equity provided by U.S. Bancorp CDC. Civic Enterprise, real estate development firm focused on revitalizing emerging urban neighborhoods, developed the project. [embed]https://youtu.be/3xq42grRWnQ[/embed] "Two-hundred jobs created: 50 tenants and one-third minority-owned businesses at L.A. Prep & L.A. Kitchen,” said…
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Rivera Beach Marina Village Promises to Transform the Distressed Waterfront

Rivera Beach Marina Village Promises to Transform the Distressed Waterfront

Blog, Latest News, NMTC Success Stories
Yesterday in Riviera Beach, FL, they cut the ribbon on the new Riviera beach Marina Village. Hundreds showed up Thursday afternoon to get a first look at the new waterfront property. Project Fact Sheet The $35 million redevelopment project is almost complete and will have an event center, restaurants, hotels, shopping and office space. Officials with Riviera Beach CRA, including NMTC Coalition Board Member Tony Brown, are confident that the project will transform the Riviera Beach waterfront into a vibrant and authentic destination spot for residents and visitors alike, spurring broad revitalization of the surrounding community. "Today is symbolic and just shows public, private partnership and residents coming together and city officials listening to them," Riviera Beach City Councilwoman Dawn Pardo said. You can find a photo album of the…
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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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US Conference of Mayors Considering Resolution Supporting the New Markets Tax Credit

Blog, Case Studies, Latest News, NMTC Success Stories
The 83rd Annual Meeting of the US Conference of Mayors begins today in San Francisco, CA, and the fate of the New Markets Tax Credit (NMTC) - a critical tool for both urban areas and small towns - is on the minds of many of the conference attendees. The program expired last December, and without an extension, low income communities will lose billions in annual investment for businesses, community facilities, and revitalization projects. Each year, the Conference of Mayors debates and passes resolutions endorsing effective programs and policies. This year, Mayor Francis Slay of St. Louis, MO introduced a resolution in support of the NMTC. The resolution also endorses the two bipartisan NMTC extension bills currently pending before Congress: S. 591, introduced by Senators Blunt (R-MO) and Schumer (D-NY); and H.R. 855, by…
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Michigan Renewable Carbon

NMTC Success Stories
Date of closing September 2013 Total Costs $24 million Total NMTCS $22 million MICHIGAN RENEWABLE CARBON (Gwinn, MI)  | View Map AWARD WINNER 2014 Small Business of the YearHonorable Mention Novogradac Journal of Tax Credits Community Development Awards Michigan Renewable Carbon is creating a facility capable of producing 4,000 tons per year of activated carbon, and 4,000 tons per year of thermal carbon, a replacement fuel for coal. Both of these products are used to reduce the emissions of industrial power generation.  Located on the former Sawyer Air Force Base in Gwinn, the site has been designated a Michigan Renaissance Zone.  The project will support job creation in Michigan’s Upper Peninsula by utilizing the region’s abundant forestry resources and skilled local employees, who have endured high unemployment (26.1%) and poverty rates (30.4%)…
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Sarla Performance Fibers

NMTC Success Stories
Sarla Performance Fibers began the expansion of a new polyester yarn and thread manufacturing facility in rural South Carolina in early 2013. The manufacturing nature of the international project brings traditional textile industry back to South Carolina and is part of the state’s larger redevelopment efforts to attract manufacturing businesses that can effectively operate in rural areas. SarlaFlex will create 150 direct long term jobs in a highly distressed rural area with a 25.4% poverty rate and 17.6% unemployment rate. The project anchors a commercial park in Walterboro, attracting other resident companies and catalyzing critical economic development in the area. (NNMF NMTCs: $13 million)
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Blue Oak Resources

NMTC Success Stories
Date of closing March 2014 Total Costs $33 million Total NMTCS $30 million BlueOak Resources, Inc. (Osceola, AR) | View Map BlueOak Resources created a 73,100 sq. ft. electronic scrap recycling facility which recycles a total of 35,000 tons of electronic waste per year. The project won the Harvard Business School New Venture Award in 2011 and  uses proprietary and sustainable technologies to mine high value precious metals such as gold, copper, silver and palladium from electronic waste products such as circuit boards. This process is an energy efficient alternative to mining virgin ore, which has significant negative environmental impacts. In addition, the project diverts a significant amount of the e-scrap currently exported to developing countries which lack the requisite environmental infrastructure necessary for safe processing; informal e-recycling has been a…
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St. Paul bakery is an example for tax incentive success

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Reform should take note of incentives that strengthen distressed areas. Op-Ed by Frank Altman, President and CEO of Community Reinvestment Fund, Inc. Today, the chairmen of the U.S. Senate and U.S. House tax-writing committees — Sen. Max Baucus, D-Mont., and Rep. Dave Camp, R-Mich. — are kicking off a bipartisan summer road trip to promote progrowth tax reform that simplifies the tax code and encourages policies that work. Their first stop is right here in St. Paul. Baucus and Camp will be traveling across the country in the coming weeks, meeting with individuals, families, workers and owners of business big and small, seeking feedback on how to improve their experience with our nation’s tax system. For the two chairmen, the goal is to take what they hear — firsthand experiences…
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