National New Markets Fund LLC closed a $7 million new markets tax credit (NMTC) investment with U.S. Bank to complete funding for the Next Generation Health Care telemedicine project in northeastern Ohio. When it is completed in February 2011, the $25 million project will employ fiber optic technology to connect Ohio's rural health clinics and hospitals to medical facilities in other parts of the state and across the country. The project is among the first information technology infrastructure projects funded by federal NMTCs. Participating rural health-care providers are located within a 22-county region in northeastern Ohio designated as a medically underserved area (MUA) with highly-distressed census tracts. Next Generation is expected to generate 300 long-term health-care provider jobs in a region with a 29 percent unemployment rate and a 42 percent poverty rate.

Foremost Farms USA will receive $45 million in NMTCs from the Wisconsin Housing and Economic Development Authority to spur investment as well as expand and upgrade production capacity at its Richland Center and Appleton facilities. The Wisconsin Community Development Legacy Fund is providing a $25 million NMTC allocation, while CEI Capital Management LLC is allocating $20 million. Headquartered in Baraboo, Foremost Farms USA is a milk marketing cooperative owned by 2,200 dairy farmers from around the Midwest who market five billion pounds of milk annually. The cooperative's 1,000 employees process and market cheeses, whey ingredients and butter for commercial customers. These projects will create or retain 270 jobs.

The National Development Council (NDC) marked the Harold E. LeMay Museum's official groundbreaking in Tacoma, Wash. in June. NDC teamed with US Bancorp Community Development Corporation and Consortium America to raise $8.2 million in federal NMTC equity for the project. NDC also helped the city of Tacoma structure a financing package that includes federally guaranteed loans and a city property donation of the museum site. The U.S. Department of Housing and Urban Development (HUD) provided a $3.6 million loan through the Community Development Block Grant program. Construction of the museum is slated to continue for the next 16 months. NDC also announced that it has partnered with nearby Seattle to close a $32 million federal NMTC deal that will allow privately owned district heating utility Seattle Steam to convert its natural gas boiler to biomass and access additional working capital. The converted biomass boiler will burn wood from pallets and crate materials, shredded wood waste from real estate development land clearing, sawdust and other wood waste, and will offset carbon dioxide emissions and cut costs for Seattle Steam customers.

Denver Health will use Recovery Zone Facility bonds and NMTCs in a $39.5 million transaction to finance construction of Pavilion M, a planned four-story building on the Denver Health and Hospital Authority medical campus. The new facility will feature a floor dedicated to adolescent psychiatric care, an enrollment center with specialists to help patients apply for medical financial assistance, an outpatient kidney dialysis center and an outpatient ambulatory surgery center. The building has been designed to achieve a Leadership in Energy and Environmental Design (LEED) certified rating and its construction is estimated to produce 300 construction jobs and 48 permanent positions. Recovery Zone Facility bonds are the primary source of construction funding. The Colorado Growth and Revitalization Fund, NCB Capital Impact and RBC Capital Markets' Tax Credit Equity Group contributed NMTCs from their allocation pools. JPMorgan Chase will purchase all of the NMTCs, which are estimated to generate $10.6 million in equity.

The National Trust Community Investment Corporation (NTCIC) invested $12.8 million in new markets and historic tax credits (HTCs) to rehabilitate the New Orleans Healing Center, located in a distressed census tract that sustained catastrophic damage and flooding from Hurricane Katrina. Built in 1841, the building will be converted to a multi-use community center with a co-op grocery store, yoga studio space, coffee and juice bar, art gallery and large arts and crafts bazaar. First NBC Bank invested $2.9 million in federal NMTC equity; Tax Credit Capital invested $2.4 million in state NMTC and state HTC equity; and NTCIC Investor Partner made a $2.5 million federal HTC equity investment. Other funding sources include a $3.5 million HUD grant from the Louisiana Redevelopment Agency and a $1.5 million loan from the New Orleans Redevelopment Agency.