As part of an overall neighborhood vision for the Broad Street Commercial Corridor in New Orleans, the ReFresh Project is helping to drive revitalization. A former abandoned building will soon become a new space for businesses to operate, and for community groups and residents to engage and collaborate. Approximately 88 permanent and 61 temporary full time jobs will also be created.
Chase originated an $8 million New Markets Tax Credit construction loan to support revitalization efforts for the corridor. Additional financing includes a $1 million loan from the City of New Orleans Fresh Food Retailers Initiative and $900,000 in the form of two loans from the New Orleans Redevelopment Authority.
The building supports Firstline Charter Schools, Broad Community Connections, Whole Foods Market, Liberty’s Kitchen, and Tulane Unviersity.
CASA de Maryland, Inc. (CASA), Maryland’s largest advocacy group for Latinos and immigrants, redeveloped the historic McCormick-Goodhart Mansion in Langley Park, Md., into the CASA Multicultural Center. The new center will allows CASA to double the number of beneficiaries the organization can serves each year from 3,000 to 6,000 and consolidated most of its staff into one location. CASA will also subleted 400 square feet of the new space to four of its non-profit nonprofit partner organizations.
The renovation of an existing five-story 135,800 square foot industrial building located in the Homewood neighborhood of Pittsburgh for the purpose accommodating creative start-up and nascent entrepreneurial business activity. The project was financed in part with new markets tax credits. Bridgeway Capital transforms 7800 Susquehanna Street (7800) into a beacon of economic opportunity for Homewood. Once a vacant warehouse built for Westinghouse Electric, the building is now an economic hub for urban manufacturing, craft businesses, and workforce training. The building reflects Bridgeway’s strategy to provide capital for the people and places creating economic opportunity and community revitalization in Homewood. Bridgeway invested over $10 million into the community including $7 million in 7800’s renovation, $2.4 million in contracts with Homewood businesses maintaining 7800, and $1.4 million in loans to Homewood businesses and other community development projects. 7800 emerges as vital investment in an underinvested area by attracting new commercial activity and supporting local businesses.
L.A. Prep is a New Markets Tax Credit (NMTC) financed project in Los Angeles that will serve as an incubator for 50 small- to medium-sized food producers that have outgrown their startup spaces. The anchor tenant of the project is L.A. Kitchen, which is a commercial kitchen andproduce processing hub that prepares meals and nutritious snacks for seniors and lowâ€income families. The concept for the L.A. Kitchen tenant is based on a similar nonprofit organization in Washington, D.C. created by Robert Egger. That organization, D.C. Kitchen, has provided over 25 million meals for low-income and at-risk peoples in the 25 years since it was established.
The project involved the acquisition and renovation of 56,000 square foot former warehouse in the Lincoln Heights neighborhood. In order to finance the deal, Los Angeles Development Fund and UrbanAmerica provided $16 million in NMTC allocations to fill in the needed financing
for the project to be realized. Capital Impact Partners provided $11 million in leveraged debt, with $5.1 million in equity provided by U.S. Bancorp CDC. Civic Enterprise Development, real estate development firm focused on revitalizing emerging urban neighborhoods, developed
In collaboration with the developer, the L.A. County Health Department established special guidelines in the health code for this new and innovative type of facility, which allows for small food businesses to obtain their health permit and begin operations onsite within a week.
L.A. Prep tenants receive: an exclusive production space; flexible cold, dry and frozen storage; a demonstration kitchen; co-working space and more; a staffed warehouse to assist with receiving and logistics.
The anchor tenant, L.A. Kitchen will also provide job training for 80 to 100 individuals per year. The 15-week, culinary arts job training program is focused on engaging emancipated foster youth and older adults exiting the prison system. In addition, the Kitchen ensures healthy food access for 1,000 low-income seniors (estimated for its first year of operations).
The University of the Cumberlands is located in a rural area in Williamsburg, Kentucky nestled in the foothills of the Appalachian Mountains. Williamsburg is known as the Gateway to the Cumberlands: Cumberland River, Cumberland Falls, Lake Cumberland and the University of the Cumberlands. The University spans approximately 70 acres and includes 34 buildings including 2 sports field complexes. It has an enrollment of 2,169 students and also provides many programs and services to the local community.
The University was interested in improving its facilities not only for its students but also to improve the education and health of the extremely low income Appalachian community in which it is located. The purpose of the project was to finance the construction and renovation of a health and science building and improve several other health and wellness facilities and athletic fields.
Kentucky Highlands Community Investments, LLC, the CDE, used its New Markets Tax Credit (NMTC) allocation to provide $16 million in the form of a seven year interest only loan at 1.1875 percent. The project included renovation of 57,000 square feet of the science and health
building and construction of a 28,000 square foot addition to the building. There were 50 construction jobs created and another 50 jobs retained by the project. The facilities will also provide student and work study employment. The new science building is the location for an annual science symposium for local high school students. Also directed towards the community is the Rogers Scholars Program, which was developed in conjunction with Congressman Harold Rogers. This program enrolls 38 Appalachian Kentucky middle school students that attend a scholastic summer camp to be held at the upgraded science facilities.
Working with the NMTC investor, Fifth Third Community Development Corporation, KHIC was able to assemble a financing package affordable to the University and to develop new science and health facilities accessible to the low-income community
An old Sears store that lay vacant for over 20 years is the new site of the Entrepreneurial Center located in the heart of Birmingham’s Downtown West Urban Redevelopment District. The $17.8 million renovation project includes the redevelopment of an entire city block in a run down section of downtown Birmingham. The Sears building has become the consolidated space for the Business Incubator for the Entrepreneurial Center (EC) and the University of Alabama at Birmingham’s (UAB) Biotechnology / Life Sciences Incubator (OADI). The combined effort was renamed The Innovation Depot. The CDE, Wachovia Community Development Enterprises, (WCDE) offered New Markets Tax Credit (NMTC) financing of $14 million from its 2005 allocation.
SUNY Broome converted the former Carnegie Library downtown into a brand-new Culinary Arts Center. The new center offers degrees in Restaurant, Events, Lodging and Casino Management.
“I anticipate that we are going to be housing culinary arts and events students that are going to be close to that facility, perhaps in walking distance. I anticipate that it will become a destination area,” said Rey Wojdat, Culinary Events Center Assistant to Dean.
NMTC equity will help fund the construction of a 105,000-square-foot office building at Auburn University in Alabama. SunTrust Community Capital will invest $3.2 million in NMTC equity in the property, which will be called the Research and Innovation Center in the Auburn Research Park. UB Community Development allocated NMTCs to the development, which will open in the third quarter of 2020 and is expected to provide 125 temporary full-time construction jobs and 101 permanent full-time jobs.