Latest news with #NMTC
Yahoo
19-05-2025
- Business
- Yahoo
Ellavoz Impact Capital and YouthBuild Secure Financing to Renovate Newark Building
NEWARK, N.J., May 19, 2025--(BUSINESS WIRE)--Ellavoz Impact Capital (EIC) has secured financing together with YouthBuild Newark, Inc. (YBN) to fully rehabilitate their building located at 571 Central Avenue, Newark. The reworked space will enable YBN to consolidate their operations into one facility for LEAD Charter School and its programming. The transaction furthers YBN's strategic plan of generating additional revenue while also enhancing educational programs. EIC successfully secured $10.6MM in New Market Tax Credit (NMTC) allocation from Wells Fargo Bank, N.A. and Community Impact Partners (CIP) as well as CDFI debt from CIP. The tax credits and debt financing will enable YBN to execute its rehabilitation project. The immediate and long-term impact of this revitalization includes: Enhanced Learning Environment: YouthBuild and LEAD students represent some of Newark's most marginalized youth. The refurbished facility will enhance student experiences through an improved learning environment more equipped to offer the services, programming, and support that the students need. Construction Jobs: 100% of the major construction vendors who will be working on this job are Newark-based and minority-owned. Community Revitalization: The improved building will act as a catalyst for revitalization in a low-income neighborhood. The new façade, with new first-floor windows and a main entrance fronting on Central Avenue, will communicate Newark's commitment to updating and modernizing the area. About Ellavoz Impact Capital: Ellavoz Impact Capital, LLC, (EIC) is a social impact investor, advisor, asset manager, and real estate developer focused on creating and preserving workforce and affordable housing and other community-oriented real estate properties. EIC's strategy concentrates investments into price-attainable housing and economic development projects by working with socially aligned operators, local nonprofits, and governmental agencies to deliver positive community outcomes and double bottom line returns. With teams in New Jersey, DC Metro, Florida and the Carolinas, Ellavoz currently has total managed and controlled assets with a value approaching $300 million. EIC is comprised of certified public accountants, attorneys, as well as real estate, finance, and economic development professionals. The team has both private sector experience and decades-long experience leading large community development financial institutions and nonprofit organizations. Collectively, the management team has led transactions with a total capitalization value of nearly $3 billion. View source version on Contacts Chris Ferrychris@ 732.616.8847
Yahoo
14-05-2025
- Business
- Yahoo
Why Maryland needs a state new markets tax credit program
With a shaky economy and uncertainty at the federal level, Tom Coale and Ryan Dressler argue that now is the time for the state to invest in a state-level New Markets Tax Credit program. (Photo by Angela Breck/Maryland Matters) Maryland is a state with great economic opportunity, but it is not equally distributed. From Baltimore's disinvested neighborhoods to Western Maryland's struggling small towns and the Eastern Shore's underdeveloped commercial corridors, too many communities lack the resources and capital needed for sustainable economic growth. In the context of fiscal headwinds and uncertainty with the federal workforce, now is the time for the state to invest in a state-level New Markets Tax Credit (NMTC) program, modeled after the federal program. A $5 million annual investment each year for four years in the form of a tax credit (foregone tax revenue) — for a modest total of $20 million—would leverage significantly more private capital, spur job creation and provide a path forward for economic sustainability that is not dependent on federal spending. The federal NMTC program was created in the year 2000 to encourage tens of billions of dollars of private investment in low-income communities. It provides tax credits to investors who fund projects in economically distressed areas, such as business expansions, mixed-use developments and community facilities. The program has a proven track record of attracting private investment, creating jobs and revitalizing neighborhoods, and is often the source of the first dollars invested in a redevelopment area. Maryland Matters welcomes guest commentary submissions at editor@ We suggest a 750-word limit and reserve the right to edit or reject submissions. We do not accept columns that are endorsements of candidates, and no longer accept submissions from elected officials or political candidates. Opinion pieces must be signed by at least one individual using their real name. We do not accept columns signed by an organization. Commentary writers must include a short bio and a photo for their bylines. Views of writers are their own. From 2003-2023, the federal NMTC financed 115 projects in Maryland, creating 15,200 permanent full-time equivalent jobs. But even with this notable impact, Maryland is far behind its peers in utilizing the program. Through fiscal 2023, Maryland was ranked 19th among the states in NMTC allocation invested in projects located within the state at $1.3 billion, far below neighboring Pennsylvania, ranked ninth at $2.6 billion. Since 2007, 14 other states—including Ohio, Louisiana, Florida, Maine, Missouri, Illinois, and Nevada—have successfully implemented and renewed state NMTC programs. The federal program will award one of the largest amounts in program history in late 2025 – a full $10 billion of investment – but Maryland will need to develop a track record of success to compete. Leveraging Private Investment: One of the most compelling reasons for Maryland to adopt a state NMTC program is its ability to attract private capital. Historically, every $1 of NMTC allocation generates $8 in private investment. This means that Maryland's $5 million annual investment would yield $40 million of immediate program investment and encourage over $160 million of total private investment over the life of the program. Revitalizing Maryland's Most Distressed Communities: Many of Maryland's struggling communities lack the infrastructure and commercial activity needed to drive economic growth. A state NMTC program would target investments in areas with high poverty rates, low median incomes and high unemployment, ensuring that resources reach those who need them most. Baltimore City has numerous neighborhoods that would benefit from an infusion of investment to support small businesses, workforce development centers and community spaces. Western Maryland, which has struggled with the decline of manufacturing and coal, could use NMTCs to fund tech hubs, tourism-related businesses and health care facilities. The Eastern Shore, where agriculture and seafood industries remain dominant but undercapitalized, could see expanded processing facilities, cold storage infrastructure and commercial hubs. These investments would not only stimulate business activity but also create jobs, improve property values, and enhance community services. Job Creation and Workforce Development: The NMTC program has a strong track record of job creation. Projects funded by NMTCs often lead to construction jobs in the short term and permanent jobs in retail, manufacturing and services. For example, an investment in a new grocery store in a food desert would create construction jobs during development, retail jobs upon opening and supply chain jobs for distributors. A state-of-the-art vocational training center could train workers for high-demand industries such as health care, cybersecurity and clean energy, helping Marylanders gain skills and secure higher-paying jobs. A Maryland NMTC could also be structured to small startups, and projects with strong community benefits, ensuring that economic growth is both inclusive and equitable. Maryland has a choice: Continue relying solely on federal programs and risk losing out on critical investments, or take proactive steps to spur economic revitalization through a state New Markets Tax Credit program. Time is of the essence to position Maryland to fully participate in the large allocation of federal New Markets Tax Credit spending later this year. Maryland has long been a state of innovation and economic opportunity. A state NMTC program would reaffirm that commitment, ensuring that every community — urban, rural, and suburban — has the resources it needs to thrive.
Business Journals
01-05-2025
- Business
- Business Journals
More than hardware: A historic Walter Reed building will be 'a better place'
When attorneys and real estate developers Eric Jenkins and Earle 'Chico' Horton envisioned turning a historic building on Washington, D.C.'s former Walter Reed Army Medical Center campus into a neighborhood hardware store, café and offices, they aimed to make it one of their 'better places.' Together, the business partners have decades of commercial and residential real estate experience and dozens of successful projects in their respective portfolios. 'While improving the buildings we acquire is an important part of our work, our overarching aim is to build better places for the people who reside or work in them,' said Jenkins. 'Ultimately, our business is about people and cultivating community.' Preserving history Their project — a joint venture of Horton's Blue Sky Housing LLC and Jenkin's Evergreen Urban LLC — is part of the 66-acre, $700 million master planned development called The Parks at Walter Reed. The 18,000-square-foot, three-story building — built in 1915 as the quarters for the U.S. Army Nurse Corps (ANC) — will be renamed 'The Hazel' to honor Brigadier General Hazel Johnson-Brown. In 1979, she became the first Black woman to achieve such a high military rank and to head the ANC. It is expected to open in late 2025. 'In her honor, we'll also be naming our store Hazel's Hardware,' said Horton. 'In fact, she served in the building where it will be. So, in the spirit of her public service, we want Hazel's Hardware to be the place that's here for the neighborhood — to serve the locals and help them accomplish their projects.' Finding banking support that shares the vision To acquire the building, they faced a unique financing challenge. The project required an innovative blend of New Markets Tax Credits (NMTC) with a U.S. Small Business Administration (SBA) construction-to-permanent loan — a combination most banks couldn't structure. The transaction qualified under the NMTC Program because Hazel's Hardware, a 100% minority-owned and Certified Business Enterprise (CBE), is located on a Department of Defense Base Realignment and Closure (BRAC) site, and the military hospital jobs were leaving the area. 'We talked to other lenders about our financing requirement, and they just couldn't figure it out,' Horton said. 'But thanks to the great work of the folks at TD, they were able to dig in and use their resources to figure it out. They really stepped up and helped us take this deal to the finish line.' That determination came from John Tucker, TD Bank relationship manager; Jimmy Jarrell, SBA business development officer; and Michael Cooper, president of the TD Community Development Corporation (TDCDC), who collectively recognized the project's complexity and its potential impact. Together, TD Bank and the TDCDC, a wholly owned subsidiary, provided nearly $6.6 million in funding and equity to complete the transaction. TD Bank, an SBA Preferred Lender, funded a $5 million SBA 7(a) loan. TDCDC, through its NMTC Thriving Communities Fund, supported the project with an approximately $1.6 million NMTC equity investment. According to Jenkins, the bank's ability to coordinate multiple funding sources made the complex project feasible. 'There were half a dozen times when TD could have walked away from this deal, but they didn't,' he said. 'Unlike other banks, TD stood out as having the resources to provide the solutions we needed. They had a super-strong SBA team plus a super-strong New Markets Tax Credit team, which was exactly what we needed.' Spurring economic opportunity — and cultivating community When open and operating in late fall 2025, the building will feature a True Value-branded hardware store alongside a locally owned coffee shop, Blue's Coffee & Tea Co. In addition, professional offices will occupy 7,000 square feet of space on the upper floors. But the project's impact will extend beyond the building's walls and retail services. 'It's also part of our mission to employ community members who live within the area, including residents who live in affordable housing on the Walter Reed campus and in the adjacent neighborhood,' Horton said. This commitment to local hiring aligns with the project's broader community development goals, which TD Bank fully supports. 'Hazel's Hardware and the café are going to be a meaningful gathering place for the neighborhood,' Tucker said. 'The way Eric and Chico have so thoughtfully built a sense of community into the store positions it to be a cornerstone in the area for generations.' TD Bank is one of the 10 largest banks in the U.S. by assets, providing over 10 million customers with a full range of retail, small business and commercial banking products and services at more than 1,100 convenient locations throughout the Northeast, Mid-Atlantic, Metro D.C., the Carolinas and Florida. Find out more at
Zawya
23-04-2025
- Business
- Zawya
Acting according to a strategic plan, the company achieved consolidated earnings of 36 fils per share.
RELATED TOPICS TELECOM RELATED COMPANIES Takara Standard CHT Kuwait Airways C Naser bin Hamad Al Thani: Outstanding operational performance and the strategic plan we are implementing are behind these strong results. • We are confident in our team's ability to achieve our strategic priorities and enhance profitability. Abdulaziz Al-Babtain: Our achievements at the beginning of 2025 reflect our commitment to fostering innovation and ongoing development. • Our investment in advanced computing solutions and AI is accelerating digital transformation in alignment with Kuwait Vision 2035 Kuwait City, Kuwait: National Mobile Telecommunications Company K.S.C.P 'Ooredoo' (Ticker: OOREDOO) announced today its financial results for the quarter ended 31st March 2025: Financial Highlights: Quarterly Analysis Q1 2025 Q1 2024 % change Consolidated Revenue (KWD m) 178 170 5% EBITDA (KWD m) 70 59 17% EBITDA margin (%) 39% 35% - Net Profit attributable to NMTC (KWD m) 18 12 53% Consolidated Customers (m) 26.3 25.4 4% Consolidated revenue increased by 5% to reach KWD 178 million in Q1 2025, compared to KWD 170 million in Q1 2024. The increase in Revenue was supported by healthy growth in Kuwait, Tunisia, and Algeria. Consolidated customer base increased by 4% to reach 26.3 million in Q1 2025 compared to 25.4 million in Q1 2024. EBITDA increased by 17% in Q1 2025 to reach KWD 70 million compared to KWD 59 million in Q1 2024. Normalising the impact of the one-off bad debt provision raised in Q1 2024, the increase in EBITDA would be 8% in Q1 2025. Net profit attributable to NMTC increase by 53% to reach KWD 18 million in Q1 2025 compared to KWD 12 million in Q1 2024. Normalising the impact of the one-off bad debt provision raised in Q1-2024, the increase in Net Profit attributable to NMTC would be 9% in Q1 2025. The consolidated earnings per share were 36 fils in Q1 2025, compared to 24 fils earned in Q1 2024. Sheikh Nasser Bin Hamad Bin Nasser Al Thani, Chairman of the Board of Directors commented: 'NMTC's growth momentum carried into the first quarter of 2025, achieving consolidated revenue growth of 5% year-on-year (YoY) to KWD 178 million while EBITDA rose by 17% YoY to KWD 70 million with a corresponding EBITDA margin of 39%. The Group's results was supported by good operational performance in Kuwait, Tunisia and Algeria. Driven by our ongoing dedication to excellence, our customer base grew by 4% YoY reaching 26.3 million customers across our network in the first quarter. Net Profit attributable to NMTC reached KWD 18 million, marking an improvement of 53% YoY. Normalising the impact of the one-off bad debt provision raised in Q1-2024, the increase in Net Profit attributable to NMTC would be 9% YoY positioning us well for continued growth moving forward. I remain confident in the team's capability to execute on our strategic priorities, further enhance profitability, and position NMTC on a sustainable path to deliver long-term, profitable growth.' Review of Operations The Group's operational performance can be summarised as follows: Ooredoo – Kuwait Commenting on Ooredoo Kuwait's strong financial results for the first quarter of 2025, CEO Abdulaziz Al-Babtain stated: 'Our performance at the start of 2025 reflects our unwavering commitment to innovation and continuous development, guided by an ambitious vision to enhance customer experience and enrich digital lifestyles—cementing our leadership in Kuwait's telecommunications sector. Through the upgrade of our technological infrastructure and the delivery of integrated, cutting-edge digital solutions, we have successfully exceeded customer expectations and created a sustainable, positive impact across the industry. Our ongoing investment in service development, customer experience, and digital transformation has led to significant milestones, including a series of prestigious global recognitions: 'Telecom Company of the Year' at the 2025 Asian Telecom Awards—for the second consecutive year 'Best HR Initiative' at the 2025 Asian Telecom Awards Eight accolades at the Stevie Awards for innovation and digital excellence, including four Gold Awards for the revamped Ooredoo app, which redefined the digital customer experience These honors are a testament to our leadership in innovation and our role in setting new benchmarks for telecommunications across the local and regional landscape. As part of our commitment to promoting local content and celebrating national identity, we are proud to announce our strategic partnership with Kuwait Airways to stream the 51 digital entertainment platform on board their flights. This milestone marks a significant step in showcasing Kuwaiti culture to the world—offering a global window into our nation's rich heritage and creative talents, while positioning Kuwait as a hub for Arab media and cultural content. Additionally, Ooredoo Kuwait proudly launched the major theatrical production Zarqoon and the Magic Lamp with world-class production standards, in celebration of Kuwait being named the Capital of Culture, Arts, and Arab Media. The production reflects our strategic direction to support the local media scene and revive children's theatre through a contemporary lens—bridging generations and passing down national values in a creative, engaging format. Through such initiatives, we aim to empower local content creation, spotlight national talents, and strengthen Kuwaiti identity—affirming our dedication to supporting culture and the arts, while providing platforms for young voices and nurturing values of collaboration, creativity, and intergenerational connection. As we move forward with our strategic plans, we remain focused on strengthening Ooredoo Kuwait's position as a leading provider of integrated digital solutions. I'm also pleased to share the significant progress made on our flagship infrastructure project, Fibre in Gulf (FIG), in partnership with Alcatel Submarine Networks. This vital initiative will connect GCC countries through a high-capacity submarine cable network—enhancing connectivity speed and reliability while supporting cloud providers and data centers across the region. In parallel, we continue to invest in the advancement of cloud computing, the Internet of Things (IoT), and artificial intelligence (AI), all of which are vital in accelerating digital transformation across industries and positioning Kuwait as a regional digital hub, in line with the 'New Kuwait 2035' vision. We remain committed to delivering innovative services that meet the evolving needs of our customers and align with their digital lifestyles—creating long-term value for both our shareholders and customers, and solidifying our role as a trusted digital partner. With these remarkable achievements, Ooredoo Kuwait reaffirms its commitment to operational excellence, driving innovation, and enabling sustainable growth—placing our customers at the heart of everything we do, as we shape the future of connectivity in Kuwait and beyond.' Ooredoo's customer base in Kuwait increased by 2% to reach 2.9 million customers in Q1 2025. Ooredoo Kuwait's Revenue increased by 1% to KWD 65 million in Q1 2025 compared to KWD 64 million in Q1 2024. EBITDA increased by 51% to KWD 22 million in Q1 2025 compared to KWD 15 million in Q1 2024. Q1 2024 EBITDA was impacted by a one-off bad debt provision raised in line with standard Company policy. Normalizing for the aforementioned one-off bad debt provision, EBITDA increased by 13% for the same period. Ooredoo - Tunisia Ooredoo's customer base in Tunisia decreased by 3% to 6.9 million customers in Q1 2025. Revenue increased by 3% to KWD 31 million in Q1 2025 compared to KWD 30 million in Q1 2024. EBITDA stood at KWD 12 million in Q1 2025. Ooredoo – Algeria Ooredoo Algeria's customer base increased by 7% to reach 14.5 million customers in Q1 2025. Revenue increased by 13% to KWD 63 million in Q1 2025 compared to KWD 56 million in Q1 2024. EBITDA increased by 12% to KWD 27 million in Q1 2025 compared to KWD 24 million in Q1 2024. Ooredoo – Palestine Customer base in Palestine increased by 6% to 1.5 million customers in Q1 2025. Revenue stood at KWD 8 million in Q1 2025. EBITDA stood at KWD 3 million in Q1 2025. The performance of Ooredoo Palestine continued to be affected by the ongoing war in Gaza and West bank. Ooredoo - Maldives Customer base in Maldives increased by 5% to 426 thousand customers in Q1 2025. Revenue stood at KWD 11 million in Q1 2025. EBITDA stood at KWD 6 million in Q1 2025. About Ooredoo Kuwait (NMTC) Commercially launched in December 1999, the Company's share price as of 31 March 2025 was KWD 1.116, giving a market valuation for Ooredoo (NMTC) of KWD 0.6 billion.
Associated Press
15-04-2025
- Business
- Associated Press
RDP/MagPro Partnership Brings Production and Jobs to America
FOREST CITY, Iowa, April 15, 2025 /PRNewswire/ -- Rural Development Partners (RDP) awarded $17.5 million in New Markets Tax Credit (NMTC) financing to MagPro, LLC, a Nonferrous Metal Production and Processing corporation located in Camden, Tennessee. Funding will enable the purchase of parts necessary to construct 5-7 vacuum furnaces, driving expansion and growth for the company while creating an additional 150 quality jobs in rural Benton County. RDP allocation is the second in a two-phase business plan utilizing NMTCs, the first enabling MagPro to increase production by nearly 100% while creating over 50 new jobs. Employees receive specialized in-house training and workforce development opportunities unique to the industry, presenting a great opportunity for rural workers to economically further their skillsets. Benton County Mayor Mark Ward stated, 'The expansion will significantly benefit our local and nearby rural communities. MagPro's understanding of the value of meaningful contributions has made it an integral part of our economic development efforts, and we greatly appreciate their continued partnership and support.' The United States magnesium industry consumed $4.35 billion worth of magnesium in 2021, $4.58 billion in 2022, and is projected to reach $7.6 billion in sales by 2032. MagPro is building its cash reserves so it can undertake substantial increases in the purchasing of raw materials and inventory. There is, effectively, an unlimited amount of raw material available, but shortfall of those who can manufacture and recycle magnesium the way MagPro can. The company's immediate goal is to promote their current product line while extending its portfolio of products and services. Magnesium is primarily used in the aluminum and steel industries, also by die casters who make parts for the aerospace, automotive and medical industries, the military, and so much more. MagPro's business plan projects a 25% increase in the purchase of inventory and raw materials, resulting in a 40-50% increase in sales volume over the next five years. Their ultimate goal within the next 10 years is to become the largest primary magnesium producer in the United States, bringing jobs to America and substantially decreasing U.S. industry dependence on imports. 'RDP is proud to partner with MagPro on this very impactful project to enable them to strengthen their efforts in providing high-quality jobs in Camden and the surrounding area. China is currently the world leader in magnesium manufacturing and MagPro's expansion will greatly help reduce the USA's industry reliance on them.' – Dan Helgeson, CEO of Rural Development Partners MagPro MagPro LLC was founded in 2003 and is one of the world's largest magnesium recyclers, and second largest producer of Primary Magnesium in the United States. MagPro is the only magnesium manufacturer in the world that recycles low grade magnesium scraps, offering a number of tolling conversion programs for specification as well as specialty alloys tailored to meet individual customer needs. Rural Development Partners LLC Rural Development Partners is a Community Development Entity with a national service area eligible to apply for an annual allocation of Federal New Markets Tax Credits. From 2004 through 2024, RDP has won thirteen NMTC awards from the US Treasury totaling $816.7 million. Funding has helped over 50 businesses and nonprofits expand to provide quality jobs, economic impacts, and healthy food access in underserved communities. RDP seeks to serve and partner with businesses, non-profits, communities, and government entities that share its mission to build public-private partnerships for catalytic job growth in rural America. Learn more about RDP and the NMTC program by visiting our website or social media platforms at Facebook, LinkedIn, and YouTube. Media Contact: Rural Development Partners [email protected] View original content to download multimedia: SOURCE Rural Development Partners
