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New Markets Tax Credits News Briefs - January 2015

On Nov. 25, the U.S. Treasury Department announced that Annie Donovan will be the new director of the Community Development Financial Institutions (CDFI) Fund. Donovan will oversee the expansion of access to capital and financial services in critically underserved urban, rural and tribal communities. She previously worked at CoopMetrics, where she served as chief executive officer. Before that, she was a senior policy adviser at the White House, working with the Office of Social Innovation and the Council on Environmental Quality. Donovan has published papers and articles for the National Academy for Public Administration, the Federal Reserve Bank of San Francisco, the Federal Reserve Bank of Boston, Forbes and the Skoll World Forum on Social Entrepreneurship. She received an MBA in finance from the University of Maryland.


Cerner Corporation announced Nov. 5 the purchase of the former Montgomery Ward & Co. building that will be part of the 290-acre Three Trails Campus in Kansas City, Mo. APT Motovox Group, a manufacturer of dirt bikes, go-carts and performance components for engines, owned the Ward building. The company originally used $2 million in new markets tax credits (NMTCs) to help finance the purchase and renovation of the building in 2011. The campus will provide offices, two data centers, a service center, a training/conference center, a day care center, a clinic and 370,000 square feet for restaurants, stores and a hotel. Construction cost for the 4.7 million-square-foot campus is expected to total $4.45 billion and produce 16,000 jobs in the next decade. Work on the first tower will begin this year, with completion expected by 2016.


On Dec. 3, the National Development Council (NDC), a national nonprofit organization focused on investment and development in underserved areas, announced that Jane Campbell will join as director and head of NDC’s Washington, D.C., office of public policy and advocacy. Campbell will be responsible for NDC’s advocacy campaign, the NDC Advocating for Communities Together. Before becoming director, Campbell served as the staff director for the U.S. Senate Small Business and Entrepreneurship Committee, and before that, she was the first female mayor of Cleveland. She holds a master’s degree in urban studies from Cleveland State University.

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New Markets Tax Credit



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