The Community Development Financial Institutions Fund has announced the 120 Community Development Entities who were selected to receive New Markets Tax Credit allocations totaling $7 billion under the 2015-2016 Round. 238 Community Development Entities submitted 2015-2016 NMTC applications and requested more than $17.6 billion in allocation authority. DV Community Investment is proud to have received its fifth NMTC Allocation in the amount of $80,000,000. DVCI's primary mission is to create quality full-time jobs in communities of concentrated unemployment, targeted to low-income persons, by financing businesses including 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. In total, 6,249 quality permanent jobs and 5,469 construction jobs have been created with DVCI’s NMTC allocation to date. Please download the PDF to the left to read the full article.
The United States Department of Agriculture (USDA) business and industry loan guaranty program has been an important economic development financing tool for rural America. Under the American Recovery and Reinvestment Act of 2009 (ARRA), more than $1.6 billion was authorized for the loan guaranty program. Similarly, the New Markets Tax Credit (NMTC) program, amended in 2006 to ensure that non-metropolitan communities were allocated a proportional share of qualified low-income community investments, has accounted for significant investment activity in rural communities. From 2003 to 2011, more than $3.5 billion was invested in non-metro census tracts under the NMTC program. Unfortunately, until now these two programs could not be combined.
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.
By Madeline Faber, Memphis Daily News - The YMCA will open its 11th Memphis-area branch in Crosstown Concourse in partnership with the Church Health Center. “(The Church Health YMCA) is maybe one of the most exciting things we have done, said Keith Johnson, president and CEO of the YMCA of Memphis & the Mid-South. The 25,000-square-foot gym will open within the Church Health Center’s 150,000-square-foot headquarters sometime early next year.
As work continues on the redevelopment of Crosstown Concourse, the new building has anew tenant. nexAir LLC announced plans to move its headquarters to 33,000 square feet in the building. nexAir will be moving 65 employees from its existing headquarters on Corporate Avenue, a building it has been in since 1996 but has outgrown. nexAir will be the largest for-profit tenant in Crosstown.
Roswell Park Opens Doors on Scott Bieler Clinical Sciences Center, Its First Clinical Expansion in Nearly 20 Years
Roswell Park Cancer Institute (RPCI) ushered in a new chapter today with the opening of the Scott Bieler Clinical Sciences Center on its main campus. The 11-story, 142,000-square-foot facility adjacent to and accessible from the Roswell Park main hospital will be dedicated to targeted clinical programs and support services. The building is the first clinical expansion on the Roswell Park campus in nearly two decades, and will enable expansion of programs and services across every area of the comprehensive cancer center’s operations.
Johns Hopkins Hospital in Baltimore wants to create opportunities for low-income people through a broader initiative called HopkinsLocal, announced last fall. The goal is to award more construction and purchasing contracts to local women and minority-owned businesses, and to have 40 percent of new hires for certain entry-level jobs come from neighborhoods with high unemployment and poverty.
The enormous job of rehabilitating a former Studebaker factory at the southern end of downtown is shifting into a higher gear. The local company that's turning the old assembly plant into a technology hub announced Wednesday that it has secured $22.9 million in financing to move ahead with the project. The complex consists of three connected buildings along Lafayette Boulevard, south of the railroad viaduct across from Four Winds Field and Union Station Technology Center.
RDistrict One LLC is pleased to announce the $22.9 million financing of the restoration and adaptive reuse of the Studebaker assembly complex into a mixed-use innovation center, providing manufacturing, training, education, technology firm and incubator space in the Renaissance District in South Bend, Indiana.