NMTC Coalition Coronavirus Recovery Proposal

Congress has an opportunity to provide resources to vulnerable, low-income communities dealing with the impact of the Coronavirus. It is clear that the pandemic will wreak havoc on local economies and low-income rural and urban communities will be the hardest hit. 

These are the very communities that have benefited the most from the New Markets Tax Credit (NMTC).  Through Sept. 2019, the NMTC delivered over $100 billion[1] total project financing to over 6,000 projects in areas of deep distress. In 2018, eighty percent of NMTC activity is in areas of extreme poverty and unemployment that far exceed the statutory requirements for economic distress. The NMTC – and the organizations that use it to deploy capital to underserved communities – is well-suited for the sort of disaster relief and economic stabilization needed when the virus fades.

Emergency Extension and Expansion of the NMTC

  1. Congress should permanently extend the NMTC along the lines of the NMTC Extension Act of 2019, which provides $5B in annual authority, an inflation adjustment in out years, and relief from the AMT consideration for NMTC investors.
  2. The CDFI Fund is currently evaluating the 2019 application round with awards scheduled for the summer. Congress should provide an emergency NMTC allocation of $1 billion to be added to the pending 2019 round (for a total of $4.5 billion). The CDFI Fund can administer the emergency round using existing applications and a supplemental questionnaire, a procedure they used when Congress provided an emergency NMTC authorization for the GO-ZONES in 2005. 
  3. Congress should help communities rebound by providing an additional NMTC allocation $1.5 billion to be added to the 2020 round (for a total of $6.5 billion for 2020), and $1 billion to the 2021 round (for a total of $6 billion for 2021).
  4. Congress should provide Community Development Entities with temporary relief from Treasury regulation § 1.1001-3 (Modifications of debt instruments), which would help them provide flexibility to borrowers to help them through the crisis.

The NMTC industry has proven it can quickly deliver $7 billion in annual allocation to businesses and revitalization projects. Because of a delay in reauthorization, the CDFI Fund combined the 2015 and 2016 rounds and awarded $7B. It only took CDEs eighteen months after signing their award agreements for community development organizations to deploy $7 billion to health clinics, manufacturing expansions, and small businesses.

While the proposed emergency allocation would be generally available to help communities meet a wide variety of needs, it is important to note NMTC’s track record in two particular areas of concern in the current environment: economic stabilization and healthcare financing.

Healthcare

The healthcare system in low-income communities is the least prepared to deal with the fallout from the Coronavirus. As the disease overwhelms Intensive Care Units (ICUs) and increasingly monopolizes the resources of hospitals and testing overwhelms primary care physicians, the entire healthcare system could be stressed to its limit. The need will extend beyond ventilators and upgraded ICUs to basic healthcare equipment and infrastructure. Without additional healthcare capacity, doctors will be forced to put-off treatments for extended periods. When the pandemic recedes, health systems will be overwhelmed with demand for treatment, surgeries, and procedures postponed during the height of the crisis. This is particularly the case in high-poverty areas already struggling with poor health outcomes and inadequate facilities.

Congress can act now to help distressed communities meet the oncoming tsunami of demand by providing additional resources to community development organizations through the NMTC.

NMTC Track Record on FQHCs: The NMTC is one of the most important sources of funding for the financing and equipping of FQHCs. To date, over $3.9 billion in NMTC investments have supported the financing of 361 FQHC projects serving over 7.2 million patients in low-income communities.

Healthcare Stores:

Economic Stabilization

When economic calamity strikes, commercial credit markets freeze, philanthropy tightens, and state and local tax revenue collapses. All of these counter-cyclical forces combine to exacerbate recessions. During the early stages of the Great Recession, Congress took a variety of actions to help capital starved communities access the resources they desperately needed. This included an authorization of an additional $1.5 billion in NMTC allocation for 2009 and 2010 to help more communities access financing to keep businesses open and support critical components of the social-safety net, including health centers, homeless shelters, and other community facilities.

NMTC Track Record After the Great Recession: The NMTC delivered $23.6 billion in total project financing over 1,2000 projects in hard hit communities between 2009 and 2011. Those investments directly created or retained 85,000 permanent jobs and 94,000 construction jobs at a time when the economy was in a freefall.

[1] NMTC Coalition analysis of CDFI Fund data (2003-2016), its annual survey of CDEs (2017-2018), and OCC data (2018-2019).

Baltimore’s Lexington Market Groundbreaking

Today, officials in Baltimore attended a groundbreaking for the Lexington Market rejuvenation project. Cinnaire provided $11 million in NMTC financing to support the revitalization of the historic Baltimore market. The 238-year old structure will undergo a $40 million transformation to create a modern gathering place for all of Baltimore and a hub for community, culture, health, and wealth-building. Cinnaire Lending and Enterprise Community Loan Fund partnered to provide a $6.7 million loan to facilitate the NMTC financing.

Some highlights via Twitter:

JCT Report Highlights NMTC infrastructure Investment

Yesterday, the Joint Committee on Taxation released “OVERVIEW OF SELECTED PROVISIONS AND OPTIONS RELATING TO FUNDING AND FINANCING INFRASTRUCTURE INVESTMENTS.” The report highlights tax provisions employed for the financing of infrastructure. With the help of CDFI Fund data, the committee was able to identify 171 infrastructure projects financed by the NMTC totaling over $2 billion.

Below, we’ve highlighed a few examples.

Ports and Freight

Industrial waterfront property and long-neglected ports are often the most distressed and environmentally contaminated areas of an urban core. Municipal governments and Port Authorities have used the NMTC for brownfield remediation and to rejuvenate ports, freight terminals, and fishing docks.

Yonkers Pier

Yonkers Pier
Project City:
Yonkers
Project State:
NY
Project Year:
2008
The Yonkers Pier is the only turn-of-the 20th century pier still in use on the Hudson River. The restoration of the Pier is another milestone in the remarkable renewal of ...
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Port of Hueneme

Port of Hueneme
Project City:
Port Hueneme
Project State:
CA
Project Year:
2013
The modernization of the Port of Hueneme retained $7 billion in trade business and 500 livable wage jobs. Clearinghouse CDFI provided $10 million of NMTC allocation for this $14.7 million ...
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America’s Central Port Complex

America’s Central Port Complex
Project City:
Madison
Project State:
IL
Project Year:
2015
The project includes million square feet of new, rail-served manufacturing and warehousing space in the industrial development along the Mississippi River’s Chain of Rocks shipping canal. The warehouse project is ...
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Broadband

Many rural communities still lack access to high-speed broadband connections. Increasingly, the NMTC has been used to finance broadband expansions into underserved and remote rural areas.

Continental Divide Electric Cooperative Broadband Project

Continental Divide Electric Cooperative Broadband Project
Project City:
Grants
Project State:
NM
Project Year:
2017
Currently, residents and owners of approximately 24,000 homes and business in Grants and the surrounding area have no broadband internet option and rely on satellite internet, the speed of which ...
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Greatwave Communications

Greatwave Communications
Project City:
Cleveland
Project State:
OH
Project Year:
2016
GreatWave Communications is a long-standing operating business located in Conneaut, Ohio that provides high-quality telecommunications services to over 2,000 telephone customers, 1,650 cable television subscribers, and 3,200 broadband internet users ...
Read More

Terra NW

Terra NW
Project City:
Anchorage
Project State:
AK
Project Year:
2011
Installation & Operation of Fiber-Optic & Microwave Broadband Connection: GCI is the largest integrated telecom company in Alaska, having provided cellular service to over 100 rural communities in the past ...
Read More

CRA Modernization Proposal Released

The Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) are soliciting comment on a new proposal to modernize Community Reinvestment Act (CRA) regulations.

Changes to CRA are of great interest to NMTC practioners. Bank investors are important partners in the NMTC program and provide the private sector capital necessary for CDEs to invest in meaningful community and economic development projects in underservedareas. CRA serves as one of several primary motivators for NMTC equity investors. In recent years,demand for NMTCs from CRA-motivated financial institutions has been at or near an all-time high. Higher demand for NMTCs translates to more benefit for businesses, facilities and community revitalization efforts in low-income communities. It allows community development organizations to stretch each dollar of NMTC allocation further, producing a greater community impact and reaching areas of deeper distress. Robust demand for NMTCs also helps CDEs make the vast majority (more than 75 percent) of their loans and investments in severely distressed communities that far exceed the statutory requirements for distress.

The Proposal

The good news is that the NMTC – and activities associated with it – are mentioned throughout the proposal will continue to qualify for CRA consideration under the proposal. But it is not yet clear how the expansion of qualifying activities or the changes in geographic focus will impact demand for NMTCs.

The proposal eliminates the “investment test” and instead classifies all loans, investments, other development services benefiting LMI tracts or populations as “community development.”

We are reviewing the proposal and the Coalition will be providing comments. It includes 22 specific questions (scattered throughout) where the agencies are seeking comment. We’ve isolated them and you can download all the questions in a Word DOC below. The document includes citations where you can find the sections relevant to the questions.

Below are a few sections in the NPR related to the NMTC:

Qualifying activities criteria

(a) General. Retail loans, community development loans, community development investments, and community development services that help meet the credit needs of a bank’s entire community, including low- and moderate-income communities, are qualifying activities if they meet the criteria in this section at the time the activity is originated, made, or conducted. If the activity is subsequently purchased by another bank, it is a qualifying activity if it meets the criteria in this section at the time of purchase.

https://www.occ.gov/news-issuances/federal-register/2019/nr-ia-2019-147-federal-register.pdf (Page 193)

Qualifying Community Development Activities

The proposal broadly outlines the community development loans and investments that would qualify. Below, we’ve excerpted some sections relevant to CDEs and CDFIs:

Community development loans, community development investments, and community development services. A community development loan, community development investment, or community development service is a qualifying activity if it provides financing for or supports:

(1) Affordable housing, which means:

(ii) Owner-occupied housing purchased, refinanced, or improved by low- or moderate-income individuals or families, except for home mortgage loans provided directly to individuals or families;

(2) Another bank’s community development loan, community development investment, or community development service;

(4) Community support services which means activities, such as child care, education, health services, and housing services, that partially or primarily serve or assist low- or moderate-income individuals or families;

(5) Essential community facilities that partially or primarily benefit or serve:

(i) Low- or moderate-income individuals or families; or

(ii) Low- or moderate-income census tracts, distressed areas, underserved areas, disaster areas consistent with a disaster recovery plan, or Indian country; (

6) Essential infrastructure that benefits or serves:

(i) Low- or moderate-income individuals or families; or

(ii) Low- or moderate-income census tracts, distressed areas, underserved areas, disaster areas consistent with a disaster recovery plan, or Indian country;

,,,

(8) Federal, state, local, or tribal government programs, projects, or initiatives that:

(i) Partially or primarily benefit low- or moderate-income individuals or families;

(ii) Partially or primarily benefit small businesses or small farms as those terms are defined in the programs, projects or initiatives; or

(iii) Are consistent with a bona fide government revitalization, stabilization, or recovery plan for a low- or moderate-income census tract; a distressed area; an underserved area; a disaster area; or Indian country;

(9) Financial literacy programs or education or homebuyer counseling;

(12) A Small Business Administration Certified Development Company, as that term is defined in 13 CFR 120.10, a Small Business Investment Company, as described 13 CFR part 107, a New Markets Venture Capital company, as described in 13 CFR part 108, a qualified Community Development Entity, as defined in 26 CFR 45D(c), or a U.S. Department of Agriculture Rural Business Investment Company, as defined in 7 CFR 4290.50;

(13) Ventures undertaken, including capital investments and loan participations, by a bank in cooperation with: a minority depository institution, women’s depository institution, Community Development Financial Institution, or low-income credit union, if the activity helps to meet the credit needs of local communities in which such institutions are chartered, including activities that indirectly help to meet community credit needs by promoting the sustainability and profitability of those institutions and credit unions.

Qualifying Activities Illustrative List

The proposal also provides a non-exhaustive list of examples of activities that would qualify. A quick scan of that list reveals many activities that overlap with NMTC projects. Three examples explicitly mention the NMTC:

Loan to a small business to purchase real estate related to a New Markets Tax Credit project, as provided for in 26 U.S.C. 45D.

Public welfare investment, under 12 CFR part 24, to a qualified Community Development Entity that will provide financing for a food market to build a 180,000 square foot refrigerated warehouse and food distribution facility.

An investment in a New Markets Tax Credit-eligible Community Development Entity to fund a mixed-use project that will include affordable housing for LMI individuals and families and retail space for small businesses.

https://www.occ.gov/news-issuances/federal-register/2019/nr-ia-2019-147-federal-register.pdf (Pages 98 and 100)

Find the full list: https://www.occ.gov/news-issuances/federal-register/2019/nr-ia-2019-147-federal-register.pdf (pages 86-101)

Other Notable Proposals

Utilizing the NMTC’s poverty threshhold

Interestingly, the proposal references the NMTC’s criteria for poverty:

The proposal also would revise the definitions of distressed nonmetropolitan middle-income area and underserved nonmetropolitan middle-income area to include additional census tracts where there are unmet financial needs. Specifically, the requirement that a distressed area be a nonmetropolitan area would be removed to recognize that there may be urban areas that experience high rates of poverty, unemployment, or population loss and need financial resources. Although the agencies also considered lowering the poverty threshold in the definition of distressed area to as low as 15 percent, they decided to retain the 20 percent threshold because it is consistent with the threshold used in some other Federal programs that are intended to benefit low-income communities, such as the New Markets Tax Credit program.

Calculating the qualifying activities value

Qualifying activities would be quantified as follows:

• Qualifying loans and CD investments would be valued based on their average month-end on-balance sheet dollar value, except that qualifying retail loans originated and sold within 90 days of their origination date would be valued at 25 percent of their origination value.

• Legally-binding commitments to invest that are reported on the Call Report, Schedule RC-L, would be valued based on their average month-end dollar value.

• Qualifying commitments to lend would be valued based on the average month-end dollar value of the allowance for credit losses on those commitments that are reported on the Call Report, Schedule RC-G.

• CD services and monetary or in-kind donations would be credited at the value of the monetary donation or in-kind activity or at the hourly salary as estimated by the Bureau of Labor Statistics for the job category of the service provided for the number of hours provided. If a CD activity partially benefits the intended population or area, then the quantified value would be a pro-rata share of the full quantified dollar value of the activity, as described above, equal to the percentage of partial benefit.

….

A bank would calculate its bank-level and assessment area qualifying activities values by taking the sum of the quantified values of all qualifying activities, adjusted by any applicable multiplier, as follows:

Qualifying loans on balance sheet for at least 90 days and CD investments

PLUS

Twenty-five percent of the origination value of qualifying loans sold within 90 days of origination

PLUS

CD Services and Monetary and In-Kind Contributions

https://www.occ.gov/news-issuances/federal-register/2019/nr-ia-2019-147-federal-register.pdf (Pages 36-37)

Financial Literacy Programs

The proposal adds a criterion for financial literacy programs or education or homebuyer counseling that benefits individuals of all income levels. The agencies believe that financial literacy is an important issue irrespective of income level. Moreover, some stakeholders expressed support for providing CRA credit for financial literacy programs for all individuals. These stakeholders cited high levels of student and credit card debt and a lack of retirement and other savings as reasons for providing broader consideration of financial literacy-related activities.

https://www.occ.gov/news-issuances/federal-register/2019/nr-ia-2019-147-federal-register.pdf (Page 28)

New State Fact Sheets

We’ve updated our State Fact Sheets with NMTC data through the 2nd quarter of 2019. Most of the data is from the CDFI Fund, which recently released NMTC transactions through 2017. The data from 2018 and 2019 comes from the Coalition’s annual surveys, CRA data from Office of the Comptroller of Currency, and many hours of research and correspondence with CDEs.

Economic impact data (by state) remains unchanged and goes through 2015, aligning with our most recent macroeconomic analysis of the program. Jobs include both full-time-equivalent permanent jobs, 12-month FTE construction jobs, direct, indirect, and induced jobs.

The fact sheets include a few other bells and whistles:

  • Multiple testimonials from businesses, nonprofits, local leaders, and community development organizations from each state.
  • A list of organizations who signed onto our November 2019 letter to Congress urging extension of the program.
  • Total project investment maps by county.

Click the states below for more information:

Two New Data Updates from the CDFI Fund

CDFI Fund Releases Applicant Demand from the 2019 NMTC Round

The Fund also announced it had received a total of 206 applications under the 2019 NMTC application round. The CDEs applying early this year were headquartered in 44 states, the District of Columbia, and Puerto Rico.

Applicants requested an aggregate total of $14.7 billion in NMTC allocation authority, over four times the $3.5 billion in authority available for the 2019 round.

CDFI Fund Releases NMTC Data Through FY 2017

The CDFI Fund has released another year of NMTC transaction data. The publicly available data now covers all transaction level activity through FY 2017.

The dataset includes information on the following data: Transaction ID, Project ID, 2010 Census Tract Metro/Non-Metro, 2000/2010, Origination Year, Community Development Entity (CDE) Name,  Project QLICI Amount, Estimated Total Project Cost, City, State, Zip Code, Purpose of Investment, QALICB Type, Multi-CDE, Multi-Tract QLICI. 

The latest year of data shows $3.7 billion in QLICIs made in 2017 generating $6.88 billion in total project financing. Total investment through 2017: $48.3 billion in QLICIs and $92.7 billion* in total project financing.

The Fund’s release also includes a summary report with breakdowns by industry classification code, year, and other factors.

*Note: This number represents NMTC investments reported through 2017. The Coalition’s dataset, which is used for many of the topline numbers in our fact sheets and reports, includes most NMTC data from 2018 and 2019, and the NMTC industry has eclipsed $100 billion in total project investment to date. We will be integrating this dataset into our own and updating our State Fact Sheets for our conference next month.

YMCAs & YWCAs: Tell Congress to Preserve the New Markets Tax Credit

The New Markets Tax Credit expires at the end of 2019. Without an extension, our hardest hit communities will lose one of the largest sources of financing for community facilities, healthcare clinics, and recreational facilities like YMCAs and YWCAs.

Please take a few seconds to sign your organization on to the NMTC Coalition’s letter to Congress calling for a permanent extension and expansion of the NMTC!

Statistics on YMCA/YWCA Financing

  • Through 2018, the NMTC financed the construction or expansion of 61 YMCAs and YWCAs in 28 states.
  • The NMTC has delivered $1.24 billion in financing to Ys in low-income communities.
  • NMTC-financed Ys provide services to 682,000 individuals in distressed neighborhoods.

Stories

Yakima YMCA

Yakima YMCA
Project City:
Yakima
Project State:
WA
Project Year:
2017
Yakima YMCA Association is constructing a new $20 million, 72,000 square foot YMCA facility in Yakima, Washington. The project will create living wage jobs and provide high quality programming to ...
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Spokane Y

Spokane Y
Project City:
Spokane
Project State:
WA
Project Year:
2007
The Spokane Central Y (SCY) is a joint project between the YWCA of Spokane and the YMCA of the Inland Northwest. Together, they will build the nation's first shared YMCA ...
Read More

Dow Bay Area Family YMCA

Dow Bay Area Family YMCA
Project City:
Bay City
Project State:
MI
Project Year:
2010
Construction of a 92,000 square foot YMCA that includes a large swimming pool, three multi-purpose fitness rooms, a child care center, two basketball courts, paddle-ball and racquetball courts and a ...
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Hornell YMCA

Hornell YMCA
Project City:
Hornell
Project State:
NY
Project Year:
2010
The new YMCA replaces the facilities of the 100-year-old Hornell Family YMCA, which plays a central role in the life of this city. The project nearly doubles the Y's current ...
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Xenia YMCA

Xenia YMCA
Project City:
Xenia
Project State:
OH
Project Year:
2017
New construction of a recreation, education, activity, community and health facility operated by the YMCA of Greater Dayton. The new Xenia YMCA facility is officially open to the public at ...
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YMCA Teen Center, Berkeley

YMCA Teen Center, Berkeley
Project City:
Berkeley
Project State:
CA
Project Year:
2009
With a focus on academic achievement, career preparation, service learning and leadership development, the YMCA Teen Center aims to empower high school age youth to develop the life skills and ...
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The Greater Burlington YMCA Foundation, Inc.

The Greater Burlington YMCA Foundation, Inc.
Project City:
Burlington
Project State:
VT
Project Year:
2018
The construction of new YMCA in Burlington, VT will comprise a state-of-the-art 51,625 sf facility at an approximate project cost of $27.6 million. The new facility will resolve accessibility issues; ...
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Coal Street Community Facility

Coal Street Community Facility
Project City:
Wilkes-Barre
Project State:
PA
Project Year:
2011
The Coal Street project transformed a dilapidated 30-acre park into a regional sports and medical complex. Coal Street Park, located in WilkesBarre, Pennsylvania, was extensively rehabilitated, injecting new life into ...
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Copley-Price Family YMCA

Copley-Price Family YMCA
Project City:
San Diego
Project State:
CA
Project Year:
2014
Copley-Price Family YMCA opened its doors to the public in 2014 and proudly serves one of the most diverse communities in San Diego, offering a supportive environment for people in ...
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Southeast Raleigh YMCA

Southeast Raleigh YMCA
Project City:
Raleigh
Project State:
NC
Project Year:
2018
The Southeast Raleigh YMCA/Elementary School is the first phase of a 31-acre master planned site to improve access to education, wellness and fitness activities, and affordable housing in Raleigh, North ...
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YMCA of Southwest Indiana

YMCA of Southwest Indiana
Project City:
Evansville
Project State:
IN
Project Year:
2018
This project involves the construction of a new expanded YMCA building and the demolition of the existing YMCA building. It will bring much needed improvements for senior members and individuals ...
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Maryvale YMCA

Maryvale YMCA
Project City:
Phoenix
Project State:
AZ
Project Year:
2006
New 32,000 square foot YMCA facility ...
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Americana YMCA

Americana YMCA
Project City:
Zachary
Project State:
LA
Project Year:
2012
The Americana YMCA project was the construction of a 26,000 square foot community facility, with expansion capability of another 18,000 square feet, by the YMCA in Zachary, Louisiana. As a ...
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Youngstown YMCA

Youngstown YMCA
Project City:
Youngstown
Project State:
OH
Project Year:
2016
Youngstown YMCA - The Youngstown YMCA renovated nearly 20,000 square feet of its 100 year old downtown Central YMCA creating modified spaces for continuing its transformational work in providing healthy ...
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Boys & Girls Club of the Wisconsin Rapids Area and the South Wood County YMCA/YWCA

Boys & Girls Club of the Wisconsin Rapids Area and the South Wood County YMCA/YWCA
Project City:
Wisconsin Rapids
Project State:
WI
Project Year:
2018
The center is envisioned as a 90,000 SF facility located in a severely distressed, non-metro, low income community. This project will transform a functionally obsolete and mostly vacant downtown mall ...
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Linwood YMCA/James B. Nutter, Sr. Community Center

Linwood YMCA/James B. Nutter, Sr. Community Center
Project City:
Kansas City
Project State:
MO
Project Year:
2015
For over 50 years, the Linwood YMCA located at 3800 Linwood Avenue has focused on helping kids and families in the urban area surrounding the center. After a strategic planning ...
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The Gateway Family YMCA – Elizabeth Branch

The Gateway Family YMCA - Elizabeth Branch
Project City:
Elizabeth
Project State:
NJ
Project Year:
2011
The Elizabeth Branch impacts the community it serves by nurturing the potential of every child, teaching the importance of spirit, mind, and body to achieve a healthier lifestyle and supporting ...
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Everett YMCA

Everett YMCA
Project City:
Everett
Project State:
WA
Project Year:
2018
This project will support the development of a new multi-purpose YMCA community facility that will significantly expand its services and outreach in the low-income community it serves. The new YMCA ...
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Bayview Hunters Point YMCA

Bayview Hunters Point YMCA
Project City:
San Francisco
Project State:
CA
Project Year:
2008
The San Francisco YMCA in secured $5 million in NMTC financing for the redevelopment of the Bayview YMCA in the Bayview district of San Francisco in 2008. The YMCA advances ...
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Atchison YMCA

Atchison YMCA
Project City:
Atchison
Project State:
KS
Project Year:
2016
Atchison, Kansas, approximately 45 minutes northwest of Kansas City, Missouri, is a rural community of 11,000 residents. Historically, Atchison County ranks as one of the unhealthiest in the State of ...
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Clark County Family YMCA

Clark County Family YMCA
Project City:
Vancouver
Project State:
WA
Project Year:
2012
Vancouver is home to the only YMCA facility in the state of Washington, and its impressive outreach efforts currently touch over 14,000 people each year. The YMCA strengthens individuals and ...
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Republic Bank Foundation YMCA

Republic Bank Foundation YMCA
Project City:
Louisville
Project State:
KY
Project Year:
2018
The Republic Bank Foundation YMCA will be a newly constructed 77,000 square foot multi-purpose facility to improve health equity in west Louisville, Kentucky. This joint venture will feature a new ...
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Anderson Munger YMCA

Anderson Munger YMCA
Project City:
Los Angeles
Project State:
CA
Project Year:
2012
This project entailed the new construction of a YMCA health and fitness center (approximately 29,000 square feet) in the Koreatown neighborhood of the Wilshire Center District, a low-income community within ...
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Susquehanna Health and Innovation Center

Susquehanna Health and Innovation Center
Project City:
Williamsport
Project State:
PA
Project Year:
2014
The River Valley Regional YMCA sponsored the construction of a 62,000 SF community center to replace their former, obsolete, and inefficient Williamsport YMCA facility housed in eight interconnected buildings in ...
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Midway YMCA

Midway YMCA
Project City:
Saint Paul
Project State:
MN
Project Year:
2015
When you walk into the new Midway YMCA building, one thing stands out; if it weren’t for the uniforms and name tags, you would be hard-pressed to differentiate between the ...
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YMCA of Metropolitan Atlanta Leadership and Learning Center

YMCA of Metropolitan Atlanta Leadership and Learning Center
Project City:
Atlanta
Project State:
GA
Project Year:
2017
On the Westside, the YMCA of Metro Atlanta has created a one-of-a-kind, 55,000 sq. ft. Leadership & Learning Center that houses association support services, a state-of-the-art early learning center, and ...
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Warsaw YMCA

Warsaw YMCA
Project City:
Warsaw
Project State:
IN
Project Year:
2014
The project is a new state-of-the-art 72,000 SF Kosciusko County YMCA facility. The facility includes a health and wellness center, group exercise studios, a pool, teaching kitchen, and gathering/program spaces ...
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Chinatown YMCA

Chinatown YMCA
Project City:
San Francisco
Project State:
CA
Project Year:
2007
San Francisco YMCA in secured $17.5 million in NMTC financing for the redevelopment of the historic Chinatown YMCA in downtown San Francisco. The YMCA advances education achievement for youth and ...
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Jackie Robinson Family YMCA

Jackie Robinson Family YMCA
Project City:
San Diego
Project State:
CA
Project Year:
2016
The Civic San Diego Economic Growth and Neighborhood Investment Fund provided a $23 million NMTC investment to help bridge a funding gap for the construction of the new approximately 44,000-square-foot, ...
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Bear Levin Studer Family YMCA

Bear Levin Studer Family YMCA
Project City:
Pensacola
Project State:
FL
Project Year:
2014
The NMTC financed the construction of a brand new YMCA. From the building's facade to the inside view after stepping into the lobby, it is immediately clear that the new ...
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The Blaisdell YMCA

The Blaisdell YMCA
Project City:
Minneapolis
Project State:
MN
Project Year:
2008
The Blaisdell YMCA in South Minneapolis, MN offers personal training, group exercise classes, swim lessons, child care and other great fitness and community building programs. Gym membership includes access to ...
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ExxonMobil YMCA

ExxonMobil YMCA
Project City:
Baton Rouge
Project State:
LA
Project Year:
2010
In September 2010 the ExxonMobil YMCA began construction on a 12,000 square foot facility located on 2.8 acres of land at Howell Place in North Baton Rouge, LA. The site, ...
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YMCA Belle Chasse

YMCA Belle Chasse
Project City:
Belle Chasse
Project State:
LA
Project Year:
2009
New YMCA in an areas severely damaged by Hurricane Katrina ...
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Huntington Avenue YMCA

Huntington Avenue YMCA
Project City:
Boston
Project State:
MA
Project Year:
2012
MassDevelopment has issued a $10.8 million tax-exempt bond on behalf of the YMCA of Greater Boston, founded in 1851 as the country’s first Y. The Y will use bond proceeds ...
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TWH WholeLife Center

TWH WholeLife Center
Project City:
Houston
Project State:
TX
Project Year:
2016
The Corporation for Supportive Housing (CSH), Capital One, and the City of Houston have partnered to provide financing for The Women's Home (TWH) Mabee WholeLife Service Center in Houston, using ...
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Thomas M. Menino YMCA

Thomas M. Menino YMCA
Project City:
Boston
Project State:
MA
Project Year:
2010
The historic Hyde Park YMCA (renamed Thomas M. Menino YMCA) officially re-opened in December 2010 after undergoing a major overhaul and expansion of the 107-year-old facility. MHIC’s $8.25 million in ...
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Lynn YMCA

Lynn YMCA
Project City:
Lynn
Project State:
MA
Project Year:
2017
The Lynn Y project comprises the land acquisition and new construction of 64,000 SF state of the art recreational facility in the city of Lynn, MA for the YMCA of ...
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YMCA of the Blue Water Area

YMCA of the Blue Water Area
Project City:
Port Huron
Project State:
MI
Project Year:
2008
The beautiful YMCA of the Blue Water Area is located at the corner of Third and Griswold Streets in downtown Port Huron ...
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Marshfield Area YMCA

Marshfield Area YMCA
Project City:
Marshfield
Project State:
WI
Project Year:
2017
Cinnaire provided a $7.2 million New Market Tax Credit (NMTC) allocation to support the expansion and rehabilitation of the Marshfield Area YMCA. Forward Community Investments (FCI) is providing a $7.8 ...
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Pueblo YMCA

Pueblo YMCA
Project City:
Pueblo
Project State:
CO
Project Year:
2007
Construction of a 20,000 sq. ft. community facility for the YMCA in Pueblo, CO as part of a larger YMCA campus. The $17.82MM new facility includes a child development center ...
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Mixed-Use with the Bowen YMCA

Mixed-Use with the Bowen YMCA
Project City:
Washington
Project State:
DC
Project Year:
2013
The Bowen YMCA began a redevelopment project to turn it's dilapidated building into a modern, mixed-use facility featuring 170 residential units, retail space and underground parking. The new center offers ...
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Lafayette YMCA

Lafayette YMCA
Project City:
Lafayette
Project State:
IN
Project Year:
2017
In 2017, ground was broken on a $28 million facility that will house a new Lafayette Family YMCA. The project also includes space for Junior Achievement, a Franciscan Health clinic ...
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YMCA Fort Worth

YMCA Fort Worth
Project City:
Fort Worth
Project State:
TX
Project Year:
2017
NMTC financed development of a 35,000 sf community space for the McDonald Southeast YMCA. Included new construction of a full-service fitness center and early learning education center ...
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Tandy Family YMCA and Healthy Living Center

Tandy Family YMCA and Healthy Living Center
Project City:
Tulsa
Project State:
OK
Project Year:
2016
The Thornton Family YMCA has doubled its size to 92,000 square feet with a project made possible by the NMTC ...
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YWCA Dayton

YWCA Dayton
Project City:
Dayton
Project State:
OH
Project Year:
2018
Major update of YWCA Dayton centers on trauma-informed care. A gut rehab of the seven-story, 118,000-square-foot building began this year with blended funding from historic tax credits, New Markets Tax ...
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Sign-on to Preserve the NMTC

The New Markets Tax Credit (NMTC) expires on December 31, 2019. Tell Congress to preserve this community development tool by signing your organization onto the NMTC Coalition’s letter to congressional leadership.

The letter, which is addressed to Congressional leadership and the leaders of the tax committees, calls for a permanent extension of the NMTC and an expansion of credit authority. 

Please spread the word to your contacts in community development. Our goal is to get one-thousand organizations to sign on. The letter closes November 15, 2019, close of business.

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