New Markets Tax Credit News Briefs – November 2019

Thursday, November 7, 2019

The Community Development Financial Institutions (CDFI) Fund announced Sept. 10 an update to the certification requirements for CDFI program or Native American CDFI Assistance (NACA) program financial assistance applicants. Effective at the beginning of the fiscal year 2020 application round, CDFI program and NACA program financial assistance applicants must be certified CDFIs by the date the notice of funds availability (NOFA) is published in the Federal Register. In addition, the CDFI Fund will no longer process CDFI certification applications simultaneously with funding applications. The CDFI Fund recommends that any noncertified organization intending to apply for a fiscal year 2020 financial assistance award submit a CDFI certification application as soon as possible, as it may take up to 90 days to process the application. The CDFI Fund tentatively plans to publish the 2020 NOFA for the CDFI program and NACA program in early 2020.

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Work began Sept. 13 for the rehabilitation and preservation of The Shenandoah Hotel in Martinsburg, W. Va. The development is projected to be completed in late 2020 and 20 percent of the apartments will be reserved for households earning 80 percent or less of the area median income. The NTCIC provided $2 million in new markets tax credit (NMTC) equity and $1.3 million in federal historic tax credit (HTC) equity. In addition, the development was allocated $1.6 million in West Virginia state HTCs. Revitalization of The Shenandoah will create 57 construction jobs and up to 40 permanent positions.

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Tax Advantage Group LLC announced Sept. 10 the closing of funding for Faith Family Medical Center (FFMC) in Nashville, Tenn. FFMC is a nonprofit medical center providing health, wellness and medical services to the working, uninsured and other underserved people in Middle Tennessee. Reinvestment Fund and SunTrust Community Capital provided $60 million in NMTCs.

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The Innovate Fund announced Sept. 26 the allocation of $11.5 million in NMTCs for the completion of the $12.6 million Poe West redevelopment in West Greenville, S.C. A 57,000-square-foot, mixed-use community will be renovated where existing residents and existing and new businesses can thrive. The development is expected to create 156 direct jobs and will be anchored by Greenville Technical College’s Center for Culinary and Hospitality Innovation (CHI). CHI will help provide a neighborhood-based venue at Poe West to deliver education, job training and small business and startup incubator space. 

Journal Category: 
New Markets Tax Credit
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