Capital Impact Partners Awarded $65 Million in New Markets Tax Credits To Attract Private Capital and Advance Social Impact Efforts
"The New Markets Tax Credit Program is critical to our ability to engage with private sector partners and put together the type of flexible capital necessary to support projects that deliver important social services into communities that need them most," said
"The New Markets Tax Credit program is critically important to strengthening the social infrastructure that fosters equity, economic development and good health in underserved communities," said
An overview of the program produced by Capital Impact illustrates that for every
"Today's awards will finance projects ranging from large manufacturing plants that create jobs to critically needed infrastructure," noted Secretary
In 2017, Capital Impact deployed a variety NMTC allocations to help launch projects nationwide. Examples of those projects included:
Health Care:
Capital Impact provided
CHCI benefits 25,000 patients in the area encompassing
Healthy Food:
In an exciting partnership near Capital Impact's headquarters, the organization is working with Martha's Table to support the organization's plans to relocate and expand. The new Martha's Table headquarters will be part of a new three-acre, community-services campus development project in
Services provided at the new headquarters will include a branch of its popular preschool program, food distribution, nutrition and parenting workshops. Martha's Table opened up 35 years ago, and now reaches more than 18,000 people through its food, education and thrift store programs with significant support from 18,000 volunteers every year. In 2015, Martha's Table served more than 1 million meals, distributed free clothing and housewares to more than 10,000 neighbors in need, and provided education to more than 200 children and older youth.
The campus will also become home to
Capital Impact contributed
Education:
To continue providing its students with high-quality education, Capital Impact partnered with the
Dignified Aging:
Dignified and engaging senior housing is a necessary option for all older adults, and Capital Impact continues to champion innovative models for communal senior living. As part of the Green House model of senior care, Capital Impact worked with returning borrower SAS Poplar Grove Green Houses (operating as
Managed by the
* A community development entity (CDE) submits an application to the
* If its application is approved, the CDE is awarded the authority to allocate tax credits to an investor.
* The investor chosen by the CDE receives a tax credit totaling 39 percent of the cost of the investment. The investor can claim that tax credit over a period of seven years.
* In exchange for those tax credits, the investor makes a qualified equity investment (QEI) in the CDE.
* The CDE must use the QEIs it receives from the investor to finance businesses or real estate projects in low-income communities where the poverty rate is 20 percent or higher, or the median income is 80 percent or lower than the Area Median Income. The CDE also has the option of investing in other CDEs making loans in low-income areas.
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