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New Markets Tax Credits Featured Projects
Since our first New Markets Tax Credits (NMTCs) closing in 2004 we have raised $286 million in Qualified Equity Investments and invested in 38 projects in 18 states. These projects generated total investments of $612 million and created 3,927 jobs. Our 38 projects are located in urban and rural communities, are large and small, and include for-profit and not-for-profit developers. From a community center in a severely distressed and densely populated area of the South Bronx, NY, to a manufacturer of truck parts in Council Bluffs, IA, our projects represent a cross section of our nation’s communities. And we are already putting our 2008 allocation of $90 million, which brings our new total to $376 million, to work in the communities that need it most.
Learn more about how NDC’s NMTC program.
Shoreway Commerce Park: Bringing Industry Back
Shoreway Commerce Park, a $20 million project, will turn a former truck manufacturing site into a logistics and distribution hub for the Cleveland metro area. The project is expected to support 13 full-time equivalent construction-related jobs, retain 30 existing jobs and create 45 new jobs within three years of construction completion.
Steven L. Green StreetSquash Community Center
This new 18,700 square foot building in New York City’s Harlem is StreetSquash’s first permanent home. The innovative urban youth enrichment program, which teaches 7th-12th graders squash while promoting their academic success and engaging them in community service, spent its early years with no home of its own, moving from borrowed space to borrowed space.
Compass Center
When Compass Center, an important transitional housing and homeless service center in Seattle’s distressed Pioneer Square neighborhood was destroyed in the 2001 Nisqually Earthquake, the city and community wasted no time in planning its repair.
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