NMTC financing supported a project designed to strengthen and provide a home to Oklahoma’s nonprofit community recently received a sizable financial boost.
The Oklahoma Center for Nonprofits (OKCNP) received $10 million of New Markets Tax Credits (NMTC) allocation to support their renovation of the old American Red Cross building at Sixth Street and Lincoln Boulevard in Oklahoma City’s Innovation District. The allocation was provided by MetaFund in combination with financing from BancFirst.
Groundbreaking for the project was held in October 2022. The new OKCNP headquarters serves as a hub for nonprofit advocacy, training, consulting, and networking.
“Nonprofits will have a place to come for whatever they need – a question answered, a training, a desk to use while they’re in Oklahoma City, a space to host a fundraiser,” said Marnie Taylor, President and CEO of OKCNP. “The community that will be created in this building will help carry our sector into the future.”
According to data quoted by the Oklahoma Department of Commerce, Oklahoma has more than 5,000 active nonprofits. They represent 7 percent of the workforce with a combined $16.5 billion in annual revenue.
While the renovated 31,000 square-foot facility will serve as OKCNP offices, more than 60 percent of the building will be open for nonprofit use. Nonprofits will have access to videoconferencing and conference rooms, community workstations, training rooms and event space.
The facility will be equipped with state-of-the-art technology allowing for remote interaction with organizations across the state.
MetaFund announced in November 2022 that it had received its seventh NMTC allocation from the U.S. Treasury Department’s Community Development Financial Institution (CDFI) Fund. The allocation is used to spur private investment into economic development projects that benefit the community. OKCNP’s building renovation is the first project to be funded from this New Markets Tax Credits allocation. “Oklahoma nonprofits are contributing to more equitable and thriving communities, helping to heal, educate, shelter, feed, and nurture people across our state,” said Blake Trippet, President of MetaFund. “We are excited to support the amazing work OKCNP does to strengthen these organizations and the asset this project will create for the entire sector.”