Thriving Communities Fund leverages NMTCs to invest $35M in projects that fuel local businesses, services and jobs

Yahoo

29-07-2025

CHICAGO, July 29, 2025 /PRNewswire/ -- Broadstreet Impact Services announced today that it has fully deployed the $35 million Thriving Communities Fund, an impact investment fund capitalized by TD Community Development Corporation ("TDCDC") to support business investment, community facilities, and quality and accessible job creation in low-income communities.
The fund leverages federal New Markets Tax Credits ("NMTC") to provide affordable and flexible capital to development projects that would not otherwise be able to move forward. Notably, it has invested in commercial renovation projects that restore and return shuttered facilities to productive use—helping remove blighted properties, increase the tax base, improve the streetscape, and boost the outlook for the surrounding community.
"TDCDC is thankful for the opportunity to work with Broadstreet to create economic opportunities and improve the communities in which we serve," said Michael Cooper, President of TDCDC. "It takes creative approaches and innovative tools, like NMTCs, to not only bring necessary resources to low-income communities, and to support impactful projects that enhance the well-being of local residents."
The fund is specifically designed to help expand employment in places with high rates of job loss, while also improving access to critical education, health, and social services. Because it taps NMTCs, it offers benefits that conventional financing programs often cannot. It can help close funding gaps, lower borrowing costs, and offer access to loan forgiveness at the end of the NMTC compliance period.
The projects funded illustrate the fund's objectives and impact:
Hunger Hub (Charlotte): Renovation and build-out of a 90,000-square-foot facility serving as the headquarters for Nourish Up, a nonprofit that addresses local food insecurity. Nourish Up plans to distribute 200,000 meals every year. The Hunger Hub will work with 35 independently operated food pantry locations, through direct deliveries to households that cannot reach a pantry, and through its central distribution facility. Nourish Up is building a commercial kitchen to produce 2,500 medically tailored meals for daily distribution to homebound clients and will add 23 permanent jobs to staff the expanded facility and services.
ConnCat Place on Dixwell (New Haven): Ground up construction of a 65,000-square-foot workforce development and multi-service facility in the Newhallville community. It will serve as the new headquarters for the Connecticut Center for Arts and Technology (ConnCAT), which provides job-training programs focused on the health sciences and culinary professions, while also leasing space to community partners who provide health, childcare, and community services to support families and children. The project will create 78 permanent jobs while helping organizations retain 41 existing positions.
The Chocolate Factory (Philadelphia): Renovation of a closed candy factory to create vibrant commercial space for local businesses—including one of the city's major umbrella agencies for services to low-income families, El Concilio, and for the expansion of a childcare provider. The project is creating 130 jobs, all providing a living wage and benefits, while attracting investment and vital family services to a high-poverty neighborhood.
Delaware Valley Community Health Center (Philadelphia): Renovation of three sites for this federally qualified health center to expand health and dental services and lead a family practice residency training program—making it the first teaching health center in the city. In addition to expanding its patient volume by 22 percent, the project is creating 133 full-time jobs.
Hazel Johnson-Brown Building/Walter Reed (Washington, D.C.): Renovation of one of the last buildings on the long-shuttered Walter Reed Medical Campus, which is being converted into housing, businesses and community facilities. The project is transforming a former nursing building into a 10,000-square-foot home for the new Hazel's Hardware Store, which is named for General Hazel Johnson-Brown, the first African American woman to serve as general in the U.S. military. It will also include a coffee shop and office space and create 55 permanent jobs.
"These projects tell the story of our priorities as an impact investor, as a fund manager and as a community partner," said Brent Kuennen, SVP of Fund Management with Broadstreet, which manages the Thriving Communities Fund. "We are grateful for the remarkable efforts of TD Community Development Corporation to invest in ways that have a lasting impact on families and on economic growth in the communities we serve."
About TD Community Development Corporation (TDCDC)TDCDC is a certified Community Development Entity (CDE) and wholly owned subsidiary of TD Bank, America's Most Convenient Bank. Since 2007, TDCDC has been a six-time award winner under the NMTC Program, securing $450 million in allocation authority from U.S. Treasury to support the revitalization of low-income, urban and rural neighborhoods across TD Bank's Maine to Florida footprint. As an investor, lender, and CDE, TDCDC deploys flexible and innovative capital to help commercial and industrial businesses create and retain high-quality, accessible jobs and to help community-based organizations improve and expand access to critical education, healthcare, cultural, and social services.
About Broadstreet
Broadstreet is an impact financial services company offering fund administration, advisory, and management services. We work with values-aligned investors and fund managers to fuel social, environmental, and economic impact across the country. Our platform supports 41 multi-asset funds, 64 single-asset entities, and $2.3 billion in capital under administration and management—advancing equity and opportunity alongside financial performance. Over more than 20 years, we have developed a client base that values our customizable services platform, fund development experience, impact focus, collaborative partnership approach, and deep sector engagement. For more, visit www.broadstreetimpact.com.
Contact: Ariel Hargrave, [e-mail]
View original content to download multimedia:https://www.prnewswire.com/news-releases/thriving-communities-fund-leverages-nmtcs-to-invest-35m-in-projects-that-fuel-local-businesses-services-and-jobs-302516308.html
SOURCE Broadstreet Impact Services