NMTC Investment in Georgia
Between 2003 and 2015, $765.4 million in NMTC allocation leveraged an additional $865.6 million from other sources for a total of $1.6 billion in project investments to 59 Georgia businesses and revitalization efforts, creating 20,102 jobs. Below are a few Georgia stories.
More Georgia Success Stories
Center for Civil and Human Rights (Atlanta)
The grand opening of the Center for Civil and Human Rights took place in downtown Atlanta in the summer of 2014. More than seven years in the making, the grand opening signaled the successful completion of a mission to “create a safe space for visitors to explore the fundamental rights of all human beings.” The museum commemorates the American Civil Rights Movement and the historic struggle for equality. It also includes exhibits on the modern Global Human Rights Movement.
However, the Center might not have been possible without the gap financing provided by the NMTC. Funding commitments for City grants and private donations were due to expire, but gap funding from NMTC financing solved the budget shortfall.
Invest Atlanta and PNC Financial Services Group, together provided $24 million in NMTC financing for the $79 million project, which generated more than 25,200 hours of construction labor and is expected to draw visitors from across the country and around the world. PNC has also provided a grant that will provide free field trips to the Center for all Atlanta Public School students (pre-K through 12th grade).
East Lake Charter School (East Lake Neighborhood, Atlanta)
The Charles R. Drew Charter School, which opened in 2000, was the first charter school in the Atlanta Public School system. Founded by the East Lake Foundation, a member of the Purpose Built Communities network, the school was launched to serve as the anchor for revitalization in the historic East Lake neighborhood. Once a popular vacation spot in the early 1900s, by the 1960s, East Lake had fallen into disrepair. By 1995, the community had a crime rate 18 times higher than the national average and 96% of the residents were living below the poverty line. Through the hard work of the East Lake Foundation, it created the Drew Charter School to serve students from K-5, and eventually expanded to serve over 1,000 students from pre-K through grade 8.
As the school continued to see increasing success over the years, which includes being ranked first academically within the Atlanta Public School system, the need for a high school became more apparent. To help finance an expansion, PNC, SunTrust, the Low Income Investment Fund, Urban America Advisors, and CAHEC New Markets, LLC used the NMTC to provide a total of $46 million of the project’s $68.5 million cost. The new 205,000 square foot middle and high school, which welcomed students for the 2014-2015 academic year, created 1,000 new student seats. The project created 297 construction jobs and 85 permanent jobs. Moreover, it is part of the successful neighborhood revitalization plan led by the East Lake Foundation, which has transformed the community into a model for cities around the country that are trying to rejuvenate struggling neighborhoods.
Habitat for Humanity in Atlanta, Inc. (Atlanta)
In 2009, Atlanta Habitat realized their programming needs had outgrown their existing leased facility and began planning how to expand into a new owned facility. Atlanta Habitat purchased property located in Reynoldstown near the Atlanta Beltline and the newly developed Trees Atlanta Headquarters, with a goal of re-envisioning the site as the permanent home of their Family Support Center and a new ReStore facility.
In 2012, Atlanta Habitat launched a capital campaign to provide funds to partially pay for the new facility. The proceeds of this capital campaign, along with a $12,750,000 NMTC loan from SunTrust Community Development Enterprises, LLC allowed Atlanta Habitat to renovate the former headquarters of a transmission parts business into their new 68,500 square foot facility at 824 Memorial Drive. The new headquarters allow Atlanta Habitat to better serve their families, thanks to high-tech wiring, along with additional classrooms and programming space. The heart of the building features the “Wall of Dreams, a place where homebuyers can choose the color of their house, carpet, and other design options for the home that they will build and buy.
Crider, Inc, Poultry Processing (Stillmore, GA)
Crider Foods is a privately held company with more than 40 years of poultry industry experience. The company is considered the leading canned chicken processor in the United States, producing more than 2 million pounds of canned meat per week, which is more than 35 million tons of cans a year.
In 1999, the company’s Lincolnton production plant burned down due to an electrical short from a lightning strike. The decision was made to discontinue operations at that site and combine all operations at the Stillmore location. With $10 million in NMTC financing and a NMTC investment by Wells Fargo, Crider constructed a new cooking production plant and purchased new equipment. The plant was fully operational by the summer of 2004. Crider employs more than 650 workers, which is made of more than 550 unionized hourly workers. At the end of construction, the new plant required an additional 50 workers to run two six-day shifts. The project site is located in a rural area of Georgia, with a 32% poverty rate and area median income of 51.9%.
Georgia Project Profiles [PDFs]