CityLink Center opens in Cincinnati to combat poverty
Posted by NMTC Coalition on Nov 20, 2012 in NMTC Success Stories | 0 comments
Kathy Schwab and Matt Josephs of LISC at CityLink Center’s November 13th grand opening. Photo by Pamela K. Taylor.
Cincinnati, OH – On November 13th, Cincinnati leaders gathered for the grand opening of the CityLink Center, a comprehensive social services mall which was built with the help of New Markets Tax Credits.
While the bulk of the funding for CityLink came from private donations, a critical construction financing gap of over $2.7 million was filled through NMTC program. The Local Initiatives Support Corporation of Greater Cincinnati and Northern Kentucky leveraged its NMTC allocation to raise capital from PNC Bank in support of the 76,000 square-foot facility. This partnership not only bridged the construction gap, but also established a firm financial foundation for the CityLink Center, eliminated cash flow concerns, and encouraged further investment from the community. The NMTC financing allowed the project to move forward without compromising funds that had been designated to support the center’s initial years of operation.
“The Center will create a vibrant community space while giving families struggling with job loss and poverty a toehold on economic stability,” said Kathy Schwab, Executive Director of LISC Greater Cincinnati & Northern Kentucky.
Matt Josephs, LISC senior VP for policy and former senior policy advisor at the Treasury Department’s Community Development Financial Institutions Fund said, “New Markets investments are about creating jobs, revitalizing communities and raising standards of living. CityLink clearly does all of that, and much more.”
Located in Cincinnati’s West End, where unemployment is four times the national average and the poverty rate approaches 60%, CityLink offers a wide array of services in tailored, individualized programs to meet the specific needs of each client. Whether it is GED classes and works skills training, financial and career counseling, legal aid or assistance with savings and credit rehabilitation, each client will be able to access the entire range of services they need to get ahead in life in one convenient location.
The center also eliminates barriers to success by providing onsite child care, vision and dental services, and a unique car ownership program that takes donated cars and makes them available with low cost, no-interest loans. The center also has public spaces, classrooms, an outdoor playground, and a café to provide an inviting, inclusive community space. It is expected to serve more than 1,000 people in its first year.
About LISC
LISC provides technical assistance and leverages corporate, government and philanthropic resources to help nonprofit community development corporations revitalize distressed neighborhoods.
Since 2000, LISC Greater Cincinnati & Northern Kentucky has raised $51.9 million to build or rehab 172 affordable homes and develop 10,350 square feet of retail, community and educational space, and open four Financial Opportunity Centers. LISC support has leveraged nearly $40 million in total development activity in our area. Visit the LISC website.
For more information about LISC’s New Markets Tax Credit program, visit www.newmarkets.org.
Camp and Tiberi plan review of tax extenders in April
Posted by NMTC Coalition on Mar 23, 2012 in Latest News | 0 comments
Reps. Tiberi (R-OH) and Camp (R-MI) plan to hold a hearing to review individual tax extenders (including the New Markets Tax Credit) in April. The Hill has a story, and you can read their release below:
Camp, Tiberi: Review of “Extenders” to Start in April
Washington, DC – Today, Ways and Means Committee Chairman Dave Camp (R-MI) and Select Revenue Measures Subcommittee Chairman Pat Tiberi (R-OH) issued the following statement:“Far too many provisions in the tax code are temporary, making it hard for employers to plan, invest and create new jobs for American families. That is one reason why we are committed to comprehensive tax reform. An important part of comprehensive reform is to conduct a thorough review of the various targeted provisions in the Code commonly referred to as ‘tax extenders.’ In 2010, House Republicans led the charge to review these provisions and over 70 (estimated at over $100 billion) were cleaned out of the Code. In 2012, we must again examine these extenders, and the Committee will begin that process after the April recess. We look forward to hearing from interested parties about the merits of these tax policies.”
NOTE: The exact date, time, and format of a tax extender hearing has not yet been set and will be formally announced by the Committee at a future date. However, Chairmen Camp and Tiberi expect the date will be in April.
NMTC Morning Update – Senate Colloquy on the Tax Extenders
Posted by NMTC Coalition on Mar 15, 2012 in Latest News | 0 comments
Yesterday, Senators Reid (D-NV), McConnell (R-KY), and Baucus (D-MT) engaged in a colloquy on the Senate floor where they expressed their support for action on the tax extenders. Senator Hatch (R-UT) also asked for written comments to be appended to the record. The friendly exchange followed a rare moment of bipartisan comity with the passage of the surface transportation bill (S. 1813) by a substantial margin of 74-22. On Tuesday, tax extender provisions were included in several amendments to the bill, but those amendments were ultimately voted down.
NMTC Morning Update – Extension amendment, CDFI Fund updates, and more
Posted by NMTC Coalition on Mar 13, 2012 in Latest News | 0 comments
- Today, the Senate will vote on an amendment to the surface transportation bill (S. 1813) that includes an extension of the NMTC. Senator Pat Roberts (R-KS) is offering the amendment, which renews many of the tax provisions that expired in 2011 including the NMTC, the R&D credit, and state and local sales tax deductions. It also includes provisions relating to the Keystone pipeline and a federal pay freeze. [Amendment text]
- The CDFI Fund plans to update its program eligibility criteria based on recently released data from the 2006-2010 American Community Survey. The release of tables detailing NMTC census tract eligibility is tentatively scheduled for May. [CDFI Fund news release]
- CDFI Fund Director Donna Gambrell’s remarks at the CDFI Coalition Conference in Washington, DC on Wednesday, March 7, 2012. [CDFI Fund News Release]
- Ball State recently released a study, “The Effect of State-Level Add-On Legislation to the Federal New Market Tax Credit Program”. [NMTC and State Add-ons]
- The New Mexico Finance Authority (NMFA) is accepting applications through March 30 for awarding low-interest loans for businesses in qualified low-income areas throughout New Mexico. New Markets Tax Credits can provide low cost gap financing to fund projects and business expansions that are more than $5 million. [CNJDigest]
SAVE THE DATE: The Annual NMTC Policy Conference is June 6, 2012 in Washington DC.
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