The Novogradac Journal of Tax Credits honored the winners of the 2016 Community Development QLICIs of the Year Awards at the Novogradac New Markets Tax Credit Conference in New Orleans. The awards recognize community development entities that made exceptional qualified low-income community investments in the past year. Dudley Ventures is proud to have won the award in the category of Real Estate QLICI for the Studebaker Innovation Center project. Jim Howard was in attendance at the award ceremony along CDE partners, lenders, and developers.
The Studebaker Innovation Center is the redevelopment of the formerly shuttered Studebaker complex, once one of the largest automakers in the United States. Studebaker closed its doors in 1963 and left the City of South Bend struggling to revitalize the neighborhood and economy over the last few decades. The project involves the restoration of 221,708 square feet along with a new parking lot. Through collaboration with the local community and educational institutions the Project’s mission is to create an innovation center and hire, train, support, and encourage light manufacturing and technology oriented careers.
Located in a severely disinvested area where the poverty rate is 41.3% and the unemployment rate is 3.14 times the national average, the Project is estimated to create an excess of 400 permanent, new, quality jobs, as well as 162 construction jobs.
Dudley Ventures, through its affiliate Dudley Ventures Advisory Services, LLC, provided structuring, advisory and closing execution services.
For more information about the Studebaker Innovation Center Real Estate QLICI of the Year Award, please click here.