New Markets Tax Credit News Briefs – July 2018
The Community Development Financial Institutions (CDFI) Fund opened the calendar year 2018 new markets tax credit (NMTC) allocation round May 9. A notice of allocation availability made $3.5 billion available for the current round. Applications for allocation authority were due June 28 and June 26 was the last day that the CDFI Fund answered questions about the application. Prior allocatees must record their qualified equity investments in CDFI Fund systems by Sept. 24 and allocation awards will be announced during winter 2019. The CDFI Fund released an introduction to the NMTC program, 2018 NMTC application frequently asked questions and a roadmap presentation on important information and resources for the 2018 NMTC application round.
The CDFI Fund announced May 25 that the electronic application for the calendar year 2018 round of the NMTC program is available in the CDFI Fund’s Awards Management Information System (AMIS). Community development entities interested in applying for NMTC allocation authority in the 2018 round have until 5 p.m. ET June 28 to submit their electronic application through AMIS.
Montana and Idaho Community Development Corporation announced in mid-May that it changed its name to MoFi. The company’s decision was made in hopes of better representing its expanding geographic footprint and product line. MoFi provides financing and consulting services to business and communities that are just outside the financial mainstream with solutions including business lending and tax credit financing for businesses, nonprofits and real estate developments.
Community Servings, a nonprofit provider of medically tailored meals and nutrition services, broke ground May 30 on a new food campus in Boston. The $21 million food campus will be on the site of Community Servings’ headquarters and will provide a three-story addition and kitchen expansion on the existing space. The 31,000-square-foot building will provide a learning kitchen, a family-friendly volunteer kitchen, a baking kitchen and a food and health policy center. NMTC equity is funding the project, which is scheduled to be complete in fall 2019.
Work on a new building for Arts @ Large Milwaukee began June 5. The former historic Patrick Cudahy Building will be transformed into community center, thanks to $2 million in NMTC equity from PNC. The community center will allow space for the creation of a student art gallery, art studios, a training center, conference rooms, office space, a public event space, a cafe and a catering kitchen. Construction is expected to total nearly $6 million, with state HTCs contributed to the project in addition to the NMTCs. A soft opening is expected April 2019, with a grand opening to follow that July.