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Recent NMTC Projects Break Through Into New Congressional Districts

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Over on the Novogradac blog (a must read for NMTC news), Brad Elphick and Peter Lawrence have an interesting interesting post on some of the opportunities for investment in the 27 Congressional Districts without NMTC projects (through 2021).  

We just finished our survey of 2023 projects (the 2024 NMTC Progress Report is coming next week!) so I thought it would be interesting to dig in and see if any projects broke through in those Congressional Districts in 2022 and 2023 (via our survey), or 2024 (we hear things!). 

Here’s what I found:

Gary Palmer (AL-06)

In March of 2024, Pathway Lending, PNC, and Gulf Coast Housing Partnership closed on the Birmingham YMCA redevelopment project, the first in Congressman Palmer’s district.

Birmingham YMCA (2024, Birmingham)

Birmingham YMCA is using NMTC allocation to renovate their existing sq. ft. Northeast Youth Center into a full service YMCA; construct a 7,340 sq. ft. addition for Christ Health Center, a federally qualified health center; and construct roads and install utilities on a 5.6 acre plot of land allowing Habitat for Humanity of Greater Birmingham to construct 22 new single-family homes for low-income persons in Birmingham, AL.
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Greg Steube (R-FL17)

We expect a community facility deal to close here very soon! Stay tuned…

Barry Loudermilk (R-GA11)

In 2022, Enterprise Community Partners, The Reinvestment Fund, Rose Urban Green Fund, and LISC provided NMTC financing for a new memory care facility in Marietta, GA. Capital One provided NMTC equity.

A.G. Rhodes Cobb County (2022, Marietta)

A.G. Rhodes renovated and expanded its Cobb County memory care facility. The project includes the construction of a new 75,000 sq. ft., 3-story memory care wing designed to be a model for best practices in person-directed memory care. The new wing has 72 private memory care beds organized into 6 “households” that have 12 resident rooms, a residential-scale kitchen and dining area, a living room and sunroom, and laundry facilities.
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Tim Walberg (R-MI05)

In 2022, Michigan Community Capital (along with Old National Bank as the equity investor) financed a mixed-use project in Sturgis, MI.

The Watershed (2022, Sturgis)

The Watershed, a development by Root and Branch Real Estate, involved the redevelopment of 3 underutilized sites downtown Sturgis by constructing a new modern, five-story, 25,000-sq. ft. mixed-use building. The project will create 23 residential units above a first-floor restaurant space. Upper four floors of the building will be a mix of studio, one-bedroom, and two-bedroom apartments. Six apartments will be income-restricted to renters earning up to 80% of the AMI while 13 units are expected to lease at rents that would cause them to be “naturally occurring affordable.” The new first-floor steakhouse-style restaurant is expected to create 30 full-time jobs paying a living wage in a severely distressed, non-metro census tract. Additionally, the restaurant partnered with GT Independence, a project partner company, to create a disability employment program.
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In 2023, Michigan Community Capital and PNC financed two new grocery stores in rural Michigan, including one in Sturgis.

Aldi (2023, Sturgis)

ALDI Inc. is investing approximately $9.5 million to bring two new locations to rural communities in Michigan. A former Kroger location will be renovated at 811 S Centerville Road in Sturgis, and a new facility will be constructed at 2025 South Stephenson Avenue in Iron Mountain. Each store will be approximately 18,000 square feet and will feature a range of products including fresh meat and seafood, organic produce, and pantry essentials.
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Chris Deluzio (R-PA17)

In 2023, Wesbanco provided NMTC financing to help bring a long-delayed Beaver Falls downtown development project to fruition.

Portobello Cultural Life & Arts Center

The Portobello building, a new cultural life and arts center in the heart of downtown Beaver Falls, will be the first green building of its kind in Beaver County. Boasting a handmade market, cafe, pottery studio, gallery, black box theater, conference room and green space, the Portobello will support small crafts artiisans and entrepreneurs in a gathering place that will create jobs and drive economic development throughout Beaver Falls.
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Madeleine Dean (D-PA04)

Worldwide Packaging

NMTC financing helped Worldwide will be leasing manufacturing space to process packaging and expand its workforce development training program in Pottstown, PA and Memphis, TN. The locations provide packing services, nonprofit programs, and workforce development to underserved youth in the communities. WLP has created a nonprofit staffing company, workforce enterprise, Hope in Him (HIH), to support its manufacturing work in communities served.

Michael Burgess (R-TX26)

Coming soon, a business expansion? Stay tuned.

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