MARTINSVILLE, VA. — Monogram Foods, with assistance from CEI Capital Management LLC (CCML), secured $8 million in New Markets Tax Credit (NMTC) financing to proceed with an expansion of the company’s Martinsville, Va., manufacturing plant.
A ceremonial groundbreaking was held for a new mixed-use development along the E. Warren Ave. corridor in East English Village late last week. The $8.2 million development will feature 18 residential units and commercial space that has already signed Gajiza Dumplings as its tenant, the (until now) pop-up restaurant and a finalist in the 2022 Hatch Detroit small business pitch competition.
DV Community Investment was pleased to attend the ribbon cutting for the First National Building in Olean, New York, alongside Savarino Properties, LLC and Empire State Development. "The ribbon cutting for the First National project marks a long-awaited milestone in the redevelopment of Olean's Central Business District," Governor Hochul said. "This historically significant, mixed-use building, which was vacant for nearly 30 years before we tackled its restoration, brings a vibrancy to Olean that will contribute to the city's goals for a walkable, thriving downtown."
DV Community Investment is proud to have received the Novogradac & Company LLP Non-Metro QLICI of the Year Award, alongside CCG COMMUNITY PARTNERS LLC and Hope Enterprise Corporation, for our collective #NMTC investment in Lauderdale Community Hospital in Ripley, Tennessee.
The NMTC Coalition has released the 2023 New Markets Tax Credit Progress Report. The Progress Report highlights the many impactful outcomes created by the New Markets Tax Credit, spotlighting the prior year's successful projects and outlining the ongoing needs faced by low-income communities throughout the United States.
Exciting news from the NMTC Coalition as they applaud Representatives Claudia Tenney (R-NY) and Terri Sewell (D-AL) for introducing the New Markets Tax Credit (NMTC) Extension Act of 2023. The bipartisan effort aims to provide much-needed resources to low-income and marginalized communities through the establishment of NMTC as a permanent part of the tax code. The legislation permanently extends the NMTC at $5 billion in annual credit authority and adjusts that amount for inflation in future years. The NMTC has a clear track record of creating jobs and bringing much-needed economic development to underserved areas.
The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) announced today that it received 197 applications for the calendar year (CY) 2022 round of the New Markets Tax Credit Program (NMTC Program). The NMTC Program advances economic development in economically distressed communities by making tax credit allocations available to Community Development Entities (CDEs) for targeted investments in eligible areas.
Read the latest from Jim Howard on #NMTCs and the impactful Momeni & Sons warehouse and distribution facility financed in Adairsville, Georgia. Jim Howard and Rick Kraemer will be speaking at the Bank Director’s Acquire or Be Acquired Conference in Phoenix, AZ on January 30th. New Markets Tax Credit Investment: A Unique Value Proposition Learn how some of the largest financial institutions utilize New Markets Tax Credit investments to reduce federal tax and enhance earnings, while at the same time supporting CRA and ESG initiatives.
Baltimore, MD - Treasurer of the United States Chief Lynn Malerba, joined by U.S. Senators Benjamin L. Cardin and Chris Van Hollen, U.S. Representative Kweisi Mfume, and Community Development Financial Institutions Fund (CDFI Fund) Director Jodie Harris, today announced more than $5 billion in New Markets Tax Credit (NMTC) awards nationwide. Speaking at the recently redeveloped Lexington Market, Treasurer Chief Malerba announced the selection of 107 organizations across the country to receive NMTC allocation awards, made through the calendar year (CY) 2021 round of the NMTC Program.