Latest news with #NewMarketsTaxCredits
Yahoo
29-07-2025
- Business
- Yahoo
Thriving Communities Fund leverages NMTCs to invest $35M in projects that fuel local businesses, services and jobs
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 Contact: Ariel Hargrave, ahargrave@ View original content to download multimedia: SOURCE Broadstreet Impact Services
Associated Press
18-06-2025
- Business
- Associated Press
Fifth Third Awards $16M in New Markets Tax Credits to Community Facilities in Atlanta, Cincinnati
CINCINNATI, June 18, 2025 /3BL/ - Fifth Third (NASDAQ: FITB) has awarded $16 million in New Markets Tax Credits (NMTCs) to three facilities in Atlanta and Cincinnati that will help spur economic mobility and community revitalization in historically disinvested neighborhoods. 'Our approach to community development at Fifth Third is place-based and people-first, and it considers the total wellbeing of all residents who call a neighborhood home,' said Kala Gibson, chief corporate responsibility officer for Fifth Third. 'These investments represent a commitment by Fifth Third to ensure that residents of these neighborhoods can thrive in and be proud of the place they call home.' The awards are part of a $50 million allocation in federal New Markets Tax Credits that the Fifth Third New Markets Development Company (NMDC) received from the U.S. Department of the Treasury's Community Development Financial Institutions Fund in September. The NMDC is an affiliate of the Fifth Third Community Development Company, LLC (CDC). 'Fifth Third's innovative, place-based approach to working in neighborhoods and working at a neighborhood scale is a true community development success story,' said Susan E. Thomas, president of the Fifth Third CDC. 'As we have become increasingly active in place-based development and lending, adding New Markets Tax Credits to our toolbox helps our team effect even more positive change within the communities that we serve – as these projects demonstrate.' The New Markets Tax Credit Program helps economically distressed communities attract private investment capital. The federal tax credit helps to fill project financing gaps by enabling investors to make larger investments than would otherwise be possible. Communities benefit from the jobs associated with investments in manufacturing, retail and technology, as well as from greater access to housing and public facilities such as health, education, and childcare. The inaugural NMTC recipients include: Community economic development is a cornerstone of Fifth Third's Neighborhood Program, which creates and implements innovative place-based community development strategies to effect positive change in historically disinvested neighborhoods across the Bank's footprint. The program is designed to increase financial access and spur economic mobility for all, creating a positive ripple effect that leads to community revitalization, small business growth, affordable housing, financial and workforce education and development, and healthy safe spaces. ### About Fifth ThirdFifth Third is a bank that's as long on innovation as it is on history. Since 1858, we've been helping individuals, families, businesses and communities grow through smart financial services that improve lives. Our list of firsts is extensive, and it's one that continues to expand as we explore the intersection of tech-driven innovation, dedicated people and focused community impact. Fifth Third is one of the few U.S.-based banks to have been named among Ethisphere's World's Most Ethical Companies® for several years. With a commitment to taking care of our customers, employees, communities and shareholders, our goal is not only to be the nation's highest performing regional bank, but to be the bank people most value and trust. Fifth Third Bank, National Association is a federally chartered institution. Fifth Third Bancorp is the indirect parent company of Fifth Third Bank and its common stock is traded on the NASDAQ® Global Select Market under the symbol 'FITB.' Investor information and press releases can be viewed at Deposit and credit products provided by Fifth Third Bank, National Association. Member FDIC. About the New Markets Tax Credit ProgramThe New Markets Tax Credit Program, established by Congress in December 2000, permits individual and corporate taxpayers to receive a non-refundable tax credit against federal income taxes for making equity investments in financial intermediaries known as Community Development Entities (CDEs). CDEs that receive the tax credit allocation authority under the program are domestic corporations or partnerships that provide loans, investments, or financial counseling in low-income urban and rural communities. The tax credit provided to the investor totals 39% of the cost of the investment and is claimed over a seven-year period. The CDEs in turn use the capital raised to make investments in low-income communities. CDEs must apply annually to the CDFI Fund to compete for New Markets Tax Credit Program allocation authority. Since the inception of the NMTC Program, the CDFI Fund has completed 20 allocation rounds and has made 1,667 awards totaling $81 billion in tax allocation authority. This includes $3 billion in Recovery Act Awards and $1 billion of special allocation authority used for the recovery and redevelopment of the Gulf Opportunity Zone. To learn more about the New Markets Tax Credit Program, please visit CONTACTAmanda Nageleisen (Media Relations) [email protected] Matt Curoe (Investor Relations) [email protected] | 513-534-2345 Visit 3BL Media to see more multimedia and stories from Fifth Third Bancorp
Yahoo
05-06-2025
- Business
- Yahoo
New rural investment fund is leveraging NMTCs to deploy $45 million for health care, affordable energy and quality jobs
CHICAGO, June 5, 2025 /PRNewswire/ -- A new investment fund is set to fuel health care services, affordable electricity, and good jobs in rural and tribal areas, offering financing that helps address the multiplying impacts of poverty on the well-being of families and communities. The Morgan Stanley Rural NMTC Fund is leveraging federal New Markets Tax Credits (NMTCs) to invest $45 million in high-impact development projects. A collaboration between Morgan Stanley and Broadstreet Impact Services, the fund will deploy affordable capital to fill critical gaps in rural and tribal communities. "The fund is designed to fuel economic opportunity and improve overall health in communities that may otherwise struggle to attract the capital they need to build and grow," said Joy Hoffmann, Managing Director with Morgan Stanley, which capitalized the fund. "It is an investment strategy that we hope will have a long-term impact on reducing poverty, helping support rural businesses and community facilities while at the same time helping expand family incomes and wealth." The fund is focusing on projects being developed in nonmetro census tracts with high rates of unemployment and low median incomes. To qualify for investment, projects will address health care, electrification needs—including solar and other clean energy projects—community services, or workforce development programs and offer jobs that pay a living wage with benefits. Jobs must be accessible to a wide range of workers, including those who might otherwise face employment barriers, like people with disabilities, those without a college degree, and individuals rebounding from long-term unemployment. All told, the fund is designed to amplify opportunities in rural communities, while addressing persistent challenges. It prioritizes health investments, for example, because hospitals are often the economic drivers of rural communities, with every $1.00 they spend delivering $2.30 in additional economic activity. Hundreds of rural hospitals have either shut their doors or are at risk of doing so, eliminating good-paying jobs and local business income in the process. "With this fund, we are investing in the economic infrastructure of rural communities and the health of the people who live there," said Brent Kuennen, Senior Vice President of Fund Management with Broadstreet. "Communities need affordable capital to address their critical needs. We structured the fund to provide it." The fund recently closed its first investment to support two new health facilities in Colusa, Calif., a community of more than 6,400 residents in California's central valley, an hour's drive from Sacramento. The fund provided $8 million of the project's $26.5 million total development cost to renovate an existing local building into a full-service health facility and, at the same time, build a new pediatric health clinic. Led by the Colusa Indian Community Council (CICC), the new health centers will support more than 28,000 patient visits annually in a community where people often travel as much as 60 miles for care. And, because the investment is backed by NMTCs, the cost of capital is much lower than it would be for a conventional loan, saving CICC $500,000 annually in debt service costs. The sponsor will use the savings to increase the pay of low-wage employees, improve compensation for health providers so they are attracted to work in Colusa and reduce pressure on the operating costs. "By blending low-cost capital from the fund with conventional debt sources, this project is able to move forward," Broadstreet's Kuennen added. "Without the NMTC financing, it would not be possible." About Morgan Stanley Morgan Stanley (NYSE: MS) is a leading global financial services firm providing a wide range of investment banking, securities, wealth management, and investment management services. With offices in 42 countries, the Firm's employees serve clients worldwide including corporations, governments, institutions, and individuals. For further information about Morgan Stanley, please visit About Broadstreet Impact ServicesBroadstreet is an impact financial services company offering fund administration, advisory, and fund management services. We work with values-aligned investors and fund managers to fuel social, environmental, and economic impact across the country. Our platform supports 52 multi-asset funds, 57 single-asset entities, and $2 billion in capital under administration and management—advancing equity and opportunity alongside financial performance. Over 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 Media Contacts:Susan Siering, Executive Director, Email: Broadstreet:Ariel Hargrave, ahargrave@ View original content: SOURCE Broadstreet Impact Services Sign in to access your portfolio
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
Yahoo
08-04-2025
- General
- Yahoo
Funding now fully secured for construction of new Uvalde elementary school
Editor's Note: The above video is KXAN's previous coverage of design renderings for Legacy Elementary School in Uvalde. UVALDE, Texas (KXAN) — Nearly three years after the tragedy of the Uvalde school shooting, the community has reached a milestone in the process of moving forward. Leaders announced Tuesday morning the costs of the physical building and construction of the new elementary school are now fully funded. New Uvalde elementary school approved, construction planning begins Legacy Elementary School will replace Robb Elementary, which was closed permanently after 19 students and two teachers died in the mass shooting in May 2022. A groundbreaking ceremony was held on the construction site of the new school in October 2023, and construction began in February 2024. The construction of Legacy Elementary School is expected to be fully completed this fall, and the nonprofit foundation responsible for raising the funding is continuing to raise funds for other campus and district needs beyond the physical construction. The Uvalde CISD Moving Forward Foundation, which was created to support the construction of the new school, announced that a recent combined investment of $21 million marked the final portion of funding needed to cover the costs of the building and construction of the school, according to a release from the nonprofit. Renderings of new Uvalde school include tribute to Robb Elementary victims 'Getting to the point of being within six months of the campus being ready for use has been quite a feat that would not have been possible without the support of so many funders and supporters,' said Tim Miller, executive director of the Uvalde CISD Moving Forward Foundation. 'We are asking that more people join us on this journey of hope and healing for the Uvalde community and support our 'Hope Blooms in Uvalde' campaign through which we are still working toward meeting a $5 million match challenge.' The $21 million investment came from Chase, Empowerment Reinvestment Fund, National Community Investment Fund, and Nonprofit Finance Fund. The investments were made through New Markets Tax Credits (NMTCs), a federal program designed to encourage private investment in underserved areas, the release said. The release noted that an initial round of investment through NMTCs to the Legacy Elementary School project was made in December. That round totaled a combined investment of $24.5 million made by Chase, Prestamos CDFI, a division of Chicanos Por La Causa (CPLC), and Raza Development Fund. Renderings of the school that were released in April 2023 included a tribute to the 21 victims who were killed in the shooting. The proposed tribute is a tree, designed with two large branches to represent the teachers and 19 smaller branches to represent the students who lost their lives. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
