Dudley Ventures / Valley Bank is honored to have served as the NMTC investor for the recent $21 million closing by Housing Partnership Network.
Over 20-plus years, CohnReznick’s annual New Markets Tax Credit (NMTC) Summit has become a not-to-be-missed event for anyone involved with the NMTC Program and the communities it serves. Attendees gather in Miami Beach to connect with fellow NMTC industry participants and advocates, as well as members of CohnReznick's New Markets Tax Credit Practice, for industry-leading educational sessions and networking opportunities. Dudley Ventures is a proud Platinum Sponsor of this event.
Connect with industry professionals, potential partners, and experts in the field to foster collaboration and to stay informed about industry trends. Dudley Ventures is proudly sponsoring this event.
PERHAM, MINNESOTA – National New Markets Fund, LLC (“NNMF”), an affiliate of Los Angeles-based SDS Capital Group, has invested $17.5 million of its New Markets Tax Credit “(NMTC”) allocation into Chanhassen, MN-based Bongards Creameries (“Bongards”). Bongards is a farmer-owned co-op that relies on its 267 member farms (98% family farms) to provide milk for its cheese and whey products. As a result of the investment, Bongards’ milk intake capacity will increase by almost 1/3, from 4.1 million pounds per day to 5.4 million pounds per day.
ST. LOUIS — The city of St. Louis has authorized up to $7 million in tax credits for a startup that wants to locate an industrial facility in south St. Louis. In line to receive the New Markets Tax Credits is Terra Environmental Holdings, or an affiliate company, after a vote Thursday by the board of the city’s economic development agency, the St. Louis Development Corp. Terra was organized in December 2022 by Anthony Smith of south St. Louis County, according to state records.
The CDFI Fund released an announcement today stating that it received 196 CDE applications for the 2023 Round of the NMTC Program, totaling $14.7 billion in NMTC allocation requests. This is approximately three times the $5 billion that will be awarded in the 2023 Round announcements.
The cornerstone to recent revitalization efforts in the city’s business district will be honored next month. Olean’s First National Bank & Siegel’s Shoes revitalization project by Buffalo-based Savarino Companies has received a 2023 Excellence in Historic Preservation Award from the Preservation League of New York State. The award is one of eight to be given this year. This year’s award winners will be recognized at a public reception at the Century Association in New York City on Dec. 4. “The 2023 Excellence Award winners span the state, from Olean to Brooklyn,” said Preservation League President Jay DiLorenzo. “They represent how historic preservation addresses critical issues, from climate action to affordable housing, from spurring economic development to uplifting underrepresented histories. We are honored to recognize the incredible work each award winner has done for their communities and beyond.”
The U.S. Department of the Treasury’s Community Development Financial Institutions Fund announced $5 billion in New Markets Tax Credits today that will spur investment and economic growth in low-income urban and rural communities nationwide. A total of 102 Community Development Entities were awarded tax credit allocations, made through the 2022 round of the New Markets Tax Credit Program. We are humbled and thrilled to share that DV Community Investment has been awarded $65 million in New Markets Tax Credit allocation. Over the past 13 years, DVCI has directly created over 13,000 quality permanent jobs. These 69 projects have served more than 300,000 people annually, previously lacking essential services, including healthcare, education and homeless services resources.
The NMTC Coalition is circulating an organization sign-on letter to Congress urging members to make the NMTC permanent. Organizations committed to community and economic development, adding jobs and increasing wages, and supporting healthcare, education, manufacturing, infrastructure, telecom, energy, the arts, and recreation are encouraged to add their name to this letter in support of a bipartisan program with a 20-year track record of success.