Since 2016, Central States’ NMTC allocation brought $192 million in project value to highly distressed areas within six states. Central States worked swiftly to invest in highly distressed census tracts that exhibit high rates of housing need or rent burden, low-median worker wage rates compared to the area, high percentages of poverty, and high needs for affordable medical services and fresh food access. New Market Tax Credit financing by Central States is an integral part necessary for these projects to move forward. Projects financed by Central States Development Partners since 2016 created 4,088 jobs including: 2,423 direct permanent jobs,1,456 construction jobs, and 575 indirect jobs. An additional 868 jobs were retained through Central States’ New Market Tax Credit activity. Many considerations are given for New Market Tax Credit financing, with prioritization relying predominantly on: Level of distress Level of job creation, quality, accessibility to low-income people, and advancement opportunities Access to goods and services accessible to low-income persons, or low-income community residents Access to affordable, fresh food or community services Project innovation with proven approaches to business growth Viability of a project to support the ongoing growth of the community.
Los Angeles, CA (2,018)
- Project Categories: Recreation
- CDE(s): Accion Opportunity Fund | Los Angeles Development Fund | MBS Urban Initiatives
Budokan is a multi-purpose community facility in a highly distressed area of downtown Los Angeles. It’s a a state-of-the-art sports and activities center providing…
