New Markets Tax Credit News Briefs – February 2020

Monday, February 10, 2020

NMTC Briefs

The Community Development Financial Institutions Fund published two notices Dec. 26, 2019, requesting comments on a tracking system and an application for the new markets tax credit (NMTC) incentive. One notice seeks comments on the NMTC program’s allocation and qualified equity investment tracking system. The second notice seeks comments on the NMTC community development entity certification application. Comments on each notice are due by Feb. 24.

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National New Markets Fund LLC closed $23 million in NMTC allocation for the expansion of AAON Coil Products Inc. in Longview, Texas. The $30 million expansion of the ventilation and air conditioning manufacturing facility is expected to create an additional 155 full-time jobs. The facility is located in a low-income census tract and has a local poverty rate of 36.6 percent and an unemployment rate of 18.9 percent.

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Collegiate Development Group was allocated $5 million in NMTCs for the rehabilitation of the Nash Building, a 1920s auto dealership in St. Louis. The rehabilitation will include the addition of 22 apartments and Collegiate Development Group plans to occupy the ground floor office space. The development also received a 10-year tax abatement on 90 percent of the improvements.

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The St. Louis Development Corp. in December 2019 approved a $5 million allocation of NMTC to the conversion of the former St. Luke’s Hospital into apartments and nonprofit office spaces. In addition, the company approved the rehab of an old warehouse into a dog park-bar venue known as “Bar K.”

Journal Category: 
New Markets Tax Credit
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