Mar 4 2024

Bongards Creameries Closes Financing From National New Markets Fund

PERHAM, MINNESOTA – National New Markets Fund, LLC (“NNMF”), an affiliate of Los Angeles-based SDS Capital Group, has invested $17.5 million of its New Markets Tax Credit “(NMTC”) allocation into Chanhassen, MN-based Bongards Creameries (“Bongards”). Bongards is a farmer-owned co-op that relies on its 267 member farms (98% family farms) to provide milk for its cheese and whey products. As a result of the investment, Bongards’ milk intake…

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Feb 19 2024

'Green' fuel facility planned in St. Louis, aided by $7M in tax credits

ST. LOUIS — The city of St. Louis has authorized up to $7 million in tax credits for a startup that wants to locate an industrial facility in south St. Louis. In line to receive the New Markets Tax Credits is Terra Environmental Holdings, or an affiliate company, after a vote Thursday by the board of the city’s economic development agency, the St. Louis Development Corp. Terra was organized in December 2022 by Anthony Smith of south St. Louis…

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Jan 26 2024

CDFI Fund Releases 2023 NMTC Applicant Demand

The CDFI Fund released an announcement today stating that it received 196 CDE applications for the 2023 Round of the NMTC Program, totaling $14.7 billion in NMTC allocation requests. This is approximately three times the $5 billion that will be awarded in the 2023 Round announcements.

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Nov 1 2023

Olean's First National Project Receives Preservation League Award

The cornerstone to recent revitalization efforts in the city’s business district will be honored next month. Olean’s First National Bank & Siegel’s Shoes revitalization project by Buffalo-based Savarino Companies has received a 2023 Excellence in Historic Preservation Award from the Preservation League of New York State. The award is one of eight to be given this year. This year’s award winners will be recognized at a public reception at the…

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Sep 22 2023

Treasury Department Announces $5 Billion in New Markets Tax Credits

The U.S. Department of the Treasury’s Community Development Financial Institutions Fund announced $5 billion in New Markets Tax Credits today that will spur investment and economic growth in low-income urban and rural communities nationwide. A total of 102 Community Development Entities were awarded tax credit allocations, made through the 2022 round of the New Markets Tax Credit Program. We are humbled and thrilled to share that DV Community…

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Jul 25 2023

NMTC Coalition Opens Sign-on Letter to Congress Urging Members to Make the NMTC Permanent

The NMTC Coalition is circulating an organization sign-on letter to Congress urging members to make the NMTC permanent. Organizations committed to community and economic development, adding jobs and increasing wages, and supporting healthcare, education, manufacturing, infrastructure, telecom, energy, the arts, and recreation are encouraged to add their name to this letter in support of a bipartisan program with a 20-year track record of success.

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Jun 27 2023

Monogram Foods receives funding for expansion

MARTINSVILLE, VA. — Monogram Foods, with assistance from CEI Capital Management LLC (CCML), secured $8 million in New Markets Tax Credit (NMTC) financing to proceed with an expansion of the company’s Martinsville, Va., manufacturing plant.

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Jun 20 2023

Affordable housing, dumplings: Groundbreaking held for mixed-use development in East English Village

A ceremonial groundbreaking was held for a new mixed-use development along the E. Warren Ave. corridor in East English Village late last week. The $8.2 million development will feature 18 residential units and commercial space that has already signed Gajiza Dumplings as its tenant, the (until now) pop-up restaurant and a finalist in the 2022 Hatch Detroit small business pitch competition.

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Jun 14 2023

Governor Hochul Announces Completion of $12.5 Million First National Bank Project in Olean as Part of Downtown Revitalization Initiative

DV Community Investment was pleased to attend the ribbon cutting for the First National Building in Olean, New York, alongside Savarino Properties, LLC and Empire State Development. "The ribbon cutting for the First National project marks a long-awaited milestone in the redevelopment of Olean's Central Business District," Governor Hochul said. "This historically significant, mixed-use building, which was vacant for nearly 30 years before we…

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