The Novogradac Journal of Tax Credits today honored the winners of the 2015 Community Development QLICIs of the Year Awards at the Novogradac New Markets Tax Credit Conference in Chicago. The awards recognize community development entities that made exceptional qualified low-income community investments in the past year. DV Community Investment, LLC is proud to have won the award in the category of Real Estate QLICI for the Crosstown Concourse project. Jim Howard was in attendance to accept the Crosstown Concourse Real Estate QLICI of the Year Award on behalf of the CDE partners, lenders, and developers.

DVCI’s investment focus is to create quality jobs in areas of concentrated unemployment, with a majority of these jobs targeted to low-income persons through investments in: businesses, such as manufacturing and distribution facilities which are strong economic engines for high quality job creation; projects which deliver quality health care, education, social services, retail and housing; and emerging industry sectors, such as alternative energy, with strong growth potential.

CROSSTOWN CONCOURSE
Memphis, Tennessee

The $200 million Crosstown Concourse project consists of the redevelopment of the 1.5 million square-foot, historic Sears distribution facility into a mixed-use facility with 269 units of residential housing, arts, education and healthcare tenants, including a charter school, a wellness and fitness center, multi-media studios, and a cancer treatment center.

Located in a severely disinvested area where the poverty rate is 37.6% and the unemployment rate is 18.1%, 2.29 times the national average, the Project boasts an enormous amount of local support from the surrounding communities. The Project will create up to 1,000 construction jobs and approximately 800 permanent, full-time jobs.

Additional financing included a combined $46 million in NMTC allocation from Mid-City Community CDE, the Low-Income Investment Fund, SunTrust CDE, MidWest Renewable Capital, and the National Trust Community Investment Corporation, $36.5 million in Historic Tax Credit equity provided by Goldman Sachs, direct debt, sponsor equity, and other subsidies.

For more information on the history and vision of the Crosstown Concourse project, please visit: http://crosstownconcourse.com/