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New Markets Tax Credits News Briefs - March 2010

Enterprise Community Investment Inc. and National Community Fund I LLC, closed in January on a $22.3 million new market tax credit (NMTC) transaction to finance the construction of the Harrison Circle Building at the Morris Heights Health Center (MHHC) in Bronx, N.Y. The 48,700-square-foot building will expand the health-care center facilities to serve an additional 18,000 patients per year and provide new services including physical therapy, mammography, orthopedics and cardiology. The facility will also include medical office space, a pharmacy and a separate development with 70 rental apartments for seniors. Chase served as the investor for Enterprise’s $10 million NMTC allocation and for a $12.3 million NMTC allocation from United Fund Advisors. The new development is in an area federally designated as medically underserved, where more than 75 percent of MHHC’s patients earn incomes at or below the federal poverty level. Harrison Circle will be completed in July.

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Nixon Peabody LLP elected Michael J. Goldman to partnership in the firm. Goldman is an experienced transactional and tax attorney. His practice focuses on structuring investments that produce federal and state tax benefits, with an emphasis on transactions generating new markets tax credits, production and investment energy tax credits, and grants in lieu of energy tax credits. Goldman graduated with a master of laws from the graduate tax program at the New York University School of Law, a juris doctor from St. John’s University School of Law and a bachelor’s degree from the University of Rochester.

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Advantage Capital Partners said in January that the firm and its small business lending division BizCapital provided $41 million in new markets tax credit (NMTC) financing throughout Louisiana during 2009. The investments supported the development of 15 businesses, including a New Orleans-based digital media technology company, a specialty packaging manufacturer, a hospital in Bastrop, and an oil and gas heavy metal manufacturing company in Franklin. Advantage Capital reports that since 2003 it has invested through state and federal NMTC programs more than $134 million in Louisiana’s small businesses.

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John P. Corcoran has joined taxadvantagegroup LLC as a vice president in the tax credit financing practice. Corcoran, former vice president of real estate development and operations for Mercy Housing Inc., will provide financial advisory services to new markets tax credit (NMTC) lenders and borrowers. He is a nationally recognized advisor in the affordable housing industry, with particular knowledge in low-income housing tax credits and raising capital for affordable multifamily properties. Corcoran also has community development finance experience, having served as the financial advisor and bond program manager for various housing finance agencies, as well as capital markets experience focused on retail real estate development. He graduated from the University of Georgia with a bachelor’s degree in business administration.

Journal Category:

New Markets Tax Credit

Authors:

Novogradac

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