Ashley Furniture Industries, a home furnishing manufacturer and retailer, is expanding its production capabilities by repurposing an abandoned building into a state-of-the-art facility that will pour foam and included a storage warehouse located in non-metro Tupelo, Mississippi (the “Project”). The project will increase current production capabilities and onshore foam pouring operations to the United States. Currently, mattress and upholstery foam are being purchased from offshore vendors. Located in an area with a an unemployment rate of 12.90%, 1.55 times the national average, the Project will create 200 new, quality full-time permanent jobs. 80% of new jobs are anticipated to be filled by low-income persons or residents of the surrounding low-income community. The Sponsor is committed to funding critical workforce development training efforts as part of the expansion. Through its partnerships with local community colleges including, Itawamba Community College, Ashley will offer robust training programs geared to entry level manufacturing positions. Internal training programs have been established to ensure opportunities for advancement and leadership are kept within the organization. By acquiring new and innovative equipment and expanding the facility, the renovation will provide the Project with the instruments and additional space necessary to improve overall efficiency and production capabilities. The NMTC financing will enable the Project to be undertaken in the highly distressed low-income, rural community, brining costs in line with a more competitive location and allow for the foam processing operations to be completed in the United States. Without the NMTCs the Company would continue sourcing its foam form overseas suppliers, depriving a rural, economically depressed area of high paying, quality jobs and potential future facility expansion.