May Dugan Center
New Markets Tax Credits in the News
November 8, 2022
The New Markets Tax Credit (NMTC) Program is a federal financial program developed by the United States Department of the Treasury to incentivize community development using federal tax credits allocated by private investors in disadvantaged and distressed communities. In this biweekly blog, LifeCity will discuss key developments related to the NMTC Program.
Projects
May Dugan Center
The May Dugan Center recently announced a $7.5 million dollar project to better meet the needs of people living in poverty in Ohio City. A renovation of this size will provide 15,000 additional meals annually and will assist 225 additional people with mental health and addiction treatment and is particularly helpful for the elderly population who will benefit from more inclusive and accessible spaces. This project is funded by a $5 million NMTC investment, a $2.5 million bridge loan, and a variety of other donations, grants, and tax credits. To learn more about the May Dugan Center, visit the organization website here: https://www.maydugancenter.org/.
Recuperative Care Center
The Colorado Coalition for the Homeless is currently developing a new health care and housing facility that will provide 75 medical beds and 98 affordable housing units designed to house people experiencing homelessness after being discharged from the hospital. The affordable housing units will be funded with low-income housing tax credits, and the healthcare segment will be covered by New Markets Tax Credits. The project will allow people experiencing homelessness to both receive treatment in the recuperative care site and recover from treatment in these affordable housing units. To learn more about the Recuperative Care Center, read the press release here.
Career and Advanced Technology Center
Community College of Philadelphia opened the Career and Advanced Technology Center to allow students to pursue a wide variety of careers in major industries in the city, such as transportation technology, and now offers 40 certificate programs. This center, which is partnered with several large companies like Toyota, is dedicated to increasing opportunities in non-degree trades, providing affordable education opportunities for Black and Hispanic students who suffer from higher student loan debt, and furthering K-12 education in the city. The Career and Advanced Technology center was primarily funded through New Markets Tax Credits. To learn more about the center, access the Community College of Philadelphia website here.
The Gallery at West Brickell
JPMorgan Chase recently announced its commitment to facilitate the development of and investment in The Gallery at West Brickell, a future mixed-income and mixed-use rental development in Miami, FL. This new building will create 465 rental units and a wide range of amenities. Of these units, 20 percent are reserved for households at or below 50% of the area median income and 15 percent for households below 140% AMI. JPMorgan Chase’s involvement consisted of providing a $145 million facility, which will be paid off with Low-Income Housing Tax Credits and, hopefully, NMTCs. To learn more about this project, visit The Gallery’s website here.
Reconciliation Services
The Kansas City, MO, Reconciliation Services headquarters is undergoing renovations to rebuild the original location back up from the ground. After this re-construction, the building will better meet the needs of the organization through additional therapy offices and related facilities, ADA compliance, increased educational opportunities, and a new kitchen for Thelma’s Kitchen, a box-lunch catering business and donation-based restaurant. The $15 million project is funded by donations, loans, and New Markets Tax Credits to stimulate growth in underserved areas. The new building will hopefully be completed by December 2023. To learn more about Reconciliation Services, visit its website here: https://www.rs3101.org/.
These inspiring projects and more are underway across the US. LifeCity specializes in impact assessments and third-party validation services for CDEs engaged in NMTC-financed projects. As a third-party, we help CDEs and other companies measure, manage, track, and report their impact to ensure a credible and transparent message. Our services are available across all stages of the NMTC allocation process and provide personalized impact reports and videos that support clients, projects, and communities.