New Markets Tax Credit Program

Amped Kitchens Addresses Chicago's Growing Need for Food Production Space

Thursday, October 14, 2021 - 1:48pm

Amped Kitchens began the $25 million renovation of the long-vacant Zenith factory at 5801 West Dickens Avenue in late 2019. This facility offers 64 private kitchens (from 150 square-feet to almost 2,000 square-feet). Each lease includes key amenities needed by growing food businesses: refrigerated, frozen, and dry storage -- as well as office space, meeting rooms, attended shipping docks, packing rooms, and an on-site USDA office. In addition, Amped Kitchen tenants have access to expedited government approvals and easier certification pathways, including organic and kosher. Amped's "plug-and-play" kitchen model offers tenants huge time and capital savings versus building their own space.

Key Points: 
  • Today, with partner Chicagoland Food & Beverage Network, Amped Kitchens will celebrate its diverse base of food makers and introduce the space to the Chicago food-making community.
  • Amped Kitchens began the $25 million renovation of the long-vacant Zenith factory at 5801 West Dickens Avenue in late 2019.
  • Amped Kitchens currently leases to established and fast growing food businesses including CPG companies, restaurants needing commissary/central kitchen space, meal subscription companies, and anyone looking for R&D or pilot production space.
  • This Chicago location is Amped Kitchens' third U.S. facility and its first outside of Los Angeles.

Valley National Bancorp Acquires Dudley Ventures and its Affiliates

Wednesday, October 13, 2021 - 1:30pm

NEW YORK, Oct. 13, 2021 (GLOBE NEWSWIRE) -- Valley National Bancorp (Valley) (NASDAQ:VLY) announced today that it is has acquired Arizona-based Dudley Ventures, an advisory firm specializing in the investment and management of tax credits.

Key Points: 
  • NEW YORK, Oct. 13, 2021 (GLOBE NEWSWIRE) -- Valley National Bancorp (Valley) (NASDAQ:VLY) announced today that it is has acquired Arizona-based Dudley Ventures, an advisory firm specializing in the investment and management of tax credits.
  • Over its greater than 20-year history, Dudley Ventures and its affiliates have invested over $2 billion in tax credit transactions, leading to deep community impact.
  • The transaction includes the acquisition of Dudley Ventures entities DV Community Investment, DV Fund Advisors and Dudley Ventures Advisory Services.
  • As the principal subsidiary of Valley National Bancorp, Valley National Bank is a regional bank with approximately $41 billion in assets.

WesBanco Bank Community Development Corporation Honored with ABA Foundation Community Commitment Award

Tuesday, October 12, 2021 - 9:10pm

WHEELING, W.Va., Oct. 12, 2021 /PRNewswire/ -- WesBanco, Inc. (Nasdaq: WSBC), a diversified, multi-state bank holding company, announced that its affiliate, WesBanco Bank Community Development Corporation ("WesBanco CDC"), was nationally recognized by the American Bankers Association Foundation ("ABA Foundation") with a 2021 Community Commitment Award.

Key Points: 
  • WHEELING, W.Va., Oct. 12, 2021 /PRNewswire/ -- WesBanco, Inc. (Nasdaq: WSBC), a diversified, multi-state bank holding company, announced that its affiliate, WesBanco Bank Community Development Corporation ("WesBanco CDC"), was nationally recognized by the American Bankers Association Foundation ("ABA Foundation") with a 2021 Community Commitment Award.
  • "WesBanco CDC saw an opportunity to improve the lives of those in its community and took action," said Corey Carlisle, executive director, ABA Foundation.
  • This commitment is demonstrated by WesBanco Bank's seven consecutive "Outstanding" Community Reinvestment Act ratings, since 2001, the highest rating awarded from bank regulators for the Bank's performance in meeting community credit needs.
  • ABA Foundation Community Commitment Award entries were submitted in six categories including affordable housing, community and economic development, financial education, economic inclusion, protecting older Americans, and volunteerism.

UB Community Development LLC Announces Funding for Buc-ee's Store in Auburn, Alabama

Wednesday, October 6, 2021 - 11:00am

This will be the fourth Buc-ee's convenience store in Alabama and will create over 175 jobs in the Auburn community.

Key Points: 
  • This will be the fourth Buc-ee's convenience store in Alabama and will create over 175 jobs in the Auburn community.
  • UB Community Development was recently awarded a $65 million New Markets Tax Credit (NMTC) allocation by the Department of the Treasury.
  • For more information about UB Community Development, or for help with planning your next funding project, contact Alex Jones, President, UB Community Development at (251) 446-6017 or email alex.jones@unitedbank.com .
  • For more information about UB Community Development, visit our website at www.UBCommunityDevelopment.com.

Zuniga named executive director of LISC Flint

Tuesday, October 5, 2021 - 9:48pm

FLINT, Mich., Oct. 5, 2021 /PRNewswire/ --The Local Initiatives Support Corporation (LISC) has named Juan Zuniga, a long-time local community leader, as the new executive director of LISC Flint to expand investments in housing, businesses, health and jobs and catalyze new opportunities for families.

Key Points: 
  • FLINT, Mich., Oct. 5, 2021 /PRNewswire/ --The Local Initiatives Support Corporation (LISC) has named Juan Zuniga, a long-time local community leader, as the new executive director of LISC Flint to expand investments in housing, businesses, health and jobs and catalyze new opportunities for families.
  • In addition to Flint, LISC also operates Michigan program offices in Detroit and Kalamazoo.
  • "In promoting Juan to executive director, we are not only elevating the experience of a strong local leader, but we are also reinforcing LISC's overarching commitment to Flint and to communities throughout Michigan," said Glover, who noted that LISC has already invested more than $39 million in Flint.
  • Since 2018, Zuniga has served as a senior program officer at LISC, where he has not only managed much of the day-to-day work of the Flint office, but also fueled extensive community and economic development plans and projects.

Lendistry Announces an Innovative Plan for Its New Markets Tax Credit Allocation of $35MM

Wednesday, September 29, 2021 - 3:00pm

Capital, Inc. dba Lendistry ("Lendistry") announced today that it has been allocated $35MM in New Markets Tax Credits ("NMTC").

Key Points: 
  • Capital, Inc. dba Lendistry ("Lendistry") announced today that it has been allocated $35MM in New Markets Tax Credits ("NMTC").
  • With this allocation, Lendistry joins a long tradition of community development.
  • Over the past two decades, the New Markets Tax Credit has made it possible for the federal government to inject capital into low-income communities and businesses.
  • Lendistry ranks second nationwide in SBA Community Advantage lending, providing responsible financing to small business owners and their underserved communities.

Trustmark National Bank Announces $60 Million Allocation Award for Southern Community Capital, LLC

Wednesday, September 15, 2021 - 9:45pm

Trustmark National Bank, a wholly-owned subsidiary of Trustmark Corporation (NASDAQGS:TRMK), is pleased to announce that its subsidiary, Southern Community Capital, LLC (SCC), has been selected to receive a $60,000,000 allocation award for investment in community projects under the New Markets Tax Credit Program (NMTC Program).

Key Points: 
  • Trustmark National Bank, a wholly-owned subsidiary of Trustmark Corporation (NASDAQGS:TRMK), is pleased to announce that its subsidiary, Southern Community Capital, LLC (SCC), has been selected to receive a $60,000,000 allocation award for investment in community projects under the New Markets Tax Credit Program (NMTC Program).
  • SCC has received two previous NMTC Allocation Awards totaling $100 million.
  • Trustmark, through SCC, is continually looking for quality NMTC projects that strengthen and enhance the communities in which it serves.
  • Trustmark provides banking, wealth management and insurance solutions through its subsidiaries, including Trustmark National Bank, Trustmark Investment Advisors, Inc., and FBBINSURANCE.

BancorpSouth Subsidiary BXS Community Fund, LLC Awarded $50 Million New Markets Tax Credit Allocation

Tuesday, September 14, 2021 - 9:30pm

TUPELO, Miss., Sept. 14, 2021 /PRNewswire/ -- BancorpSouth Bank (NYSE: BXS) is pleased to announce that its subsidiary BXS Community Fund, LLC, which is a Community Development Entity ("CDE"), has been awarded a $50 million New Markets Tax Credit (NMTC) allocation that will spur investments and economic growth in low-income urban and rural communities.

Key Points: 
  • TUPELO, Miss., Sept. 14, 2021 /PRNewswire/ -- BancorpSouth Bank (NYSE: BXS) is pleased to announce that its subsidiary BXS Community Fund, LLC, which is a Community Development Entity ("CDE"), has been awarded a $50 million New Markets Tax Credit (NMTC) allocation that will spur investments and economic growth in low-income urban and rural communities.
  • BXS Community Fund is one of 100 CDEs, selected from a pool of 208 nationwide applicants, to receive a tax credit allocation, administered by the U.S. Department of the Treasury's Community Development Financial Institutions Fund (CDFI Fund).
  • To learn more about BXS Community Fund, please contact BancorpSouth Tax Credit Manager Will Shurtleff at 601-607-4597 or will.shurtleff@bxs.com .
  • BancorpSouth Bank (NYSE: BXS) is headquartered in Tupelo, Mississippi, with approximately $28 billion in assets.

Florida Community Loan Fund Awarded $35 Million in NMTC Allocation

Thursday, September 2, 2021 - 3:13pm

ORLANDO, Fla., Sept. 2, 2021 /PRNewswire/ -- Florida Community Loan Fund , a statewide nonprofit lending institution, today announced an award of $35 million in New Markets Tax Credit allocation from the U.S. Treasury Community Development Financial Institution Fund.

Key Points: 
  • ORLANDO, Fla., Sept. 2, 2021 /PRNewswire/ -- Florida Community Loan Fund , a statewide nonprofit lending institution, today announced an award of $35 million in New Markets Tax Credit allocation from the U.S. Treasury Community Development Financial Institution Fund.
  • This year's NMTC award will allow FCLF to continue building on its track record of financing high-impact community facilities to bring accessible, quality services and jobs to low-income Florida communities Florida.
  • "Florida Community Loan Fund is honored to have received allocation authority this year.
  • Florida Community Loan Fund is a nonprofit, multifaceted financing entity with a 25-year history of providing flexible capital and expertise to people and places outside the economic mainstream across Florida.

Advantage Capital Awarded $60 Million Allocation in New Markets Tax Credit Program

Thursday, September 2, 2021 - 3:05pm

Venture capital firm and small business lender Advantage Capital today announced a $60 million allocation award in the highly competitive federal New Markets Tax Credit (NMTC) program.

Key Points: 
  • Venture capital firm and small business lender Advantage Capital today announced a $60 million allocation award in the highly competitive federal New Markets Tax Credit (NMTC) program.
  • CDEs must apply annually to the CDFI Fund to compete for New Markets Tax Credit Program allocation authority.
  • To learn more about the New Markets Tax Credit Program, please view the program Fact Sheet or visit www.cdfifund.gov/nmtc .
  • In addition, the CDFI Fund has allocated $66 billion in tax credit allocation authority to Community Development Entities through the New Markets Tax Credit Program, and guaranteed bonds for over $1.7 billion through the CDFI Bond Guarantee Program.