Rock Island, IL– Central States Development Partners, Inc. along with The Business Valued Advisor Fund, Chase Community Development Banking, Boston Community Capital, New Market Tax Credit Coalition, Rock Island Economic Growth Corporation, and the Development Association of Rock Island will be hosting a Forum to learn about New Market Tax Credits and how to access the Credits for your qualified business or real estate development on Wed., April 27, 2016 from 3:30 p.m.- 5:00 p.m. at the Holiday Inn Hotel & Conference Center, located at 226 17th Street, Rock Island. A reception will be held immediately following. Media is welcome to attend.
Over the past decade, our nation’s communities have suffered more than others due to factors such as dormant manufacturing facilities, vacant commercial properties, and lower property values. As a result, many of these communities find it difficult to attract the necessary capital from private investors.
The New Market Tax Credit Program (NMTC Program) helps economically distressed communities attract private investment capital by providing investors with a Federal tax credit. Investments made through the NTMC Program are used to finance businesses and real estate projects, breathing new life into neglected, underserved communities. The NMTC Program catalyzes investment where it’s needed most- over 70% of NMTC investments have been made in highly distressed areas. These are communities with low median incomes and high rates of unemployment, and the NMTC investments can have a dramatic positive impact. For every $1 invested by the Federal government, the NMTC Program generates over $8 of private investment*.
Central States Development Partners, Inc. currently has a pending $48 million application to the CDFI Fund for its own allocation of New Market Tax Credits. The application was submitted in December 2015, with an anticipated announcement summer 2016. If funded, Central States will have an impact of more than $133.8 million into economically distressed communities in Illinois, Iowa, and Indiana, while supporting and creating nearly 2000 jobs.
To participate in the New Market Tax Credit Forum, please RSVP by Tuesday, April 26 by contacting (309) 788-6311 or [email protected].
About Central States Development Partners, Inc.
The decision to create Central States Development Partners, Inc. was made in 2008 when Rock Island Economic Growth Corporation’s (GROWTH) Board of Directors determined that having a well-versed entity in New Market Tax Credits use was valuable, especially with the flexibility this financing provides. Certified by the Department of Treasury in 2010, Central States serves as a conduit to access to New Market Tax Credits that ensures the capacity to meet the goals and mission of GROWTH: creating jobs, supporting neighborhoods and strengthening the community fabric with necessities such as jobs, healthcare, grocery and housing access in ways that sustain and promotes long-term viable economic success.
In 2015, Central States Development Partners, Inc. and the City of Rock Island facilitated Hill & Valley, Inc.’s expansion and relocation into its new location at 320 44th Street, Rock Island. Central States facilitated a $7 million NMTC transaction and the City provided $2.4 million in Tax Increment Financing through LRC Developers, the owner and lessor of the new facilities. The $16 million project kept the business in Rock Island and added 45 new jobs to the company’s existing 140-employee workforce. Information about Central States Development Partners, Inc. is available at www.economicgrowthcorporation.com.
About The Business Valued Advisor Fund
The Business Valued Advisor Fund (BVAF) facilitates long-term community development in economically distressed areas through direct funding of businesses, community facilities, and commercial real estate initiatives nationwide that are aligned with local community plans. BVAF also partners with local community development organizations to provide investment into these entities and subsequently into projects aligned with community interests. By investing in growth of the community-aligned projects and businesses, and providing additional financial advisory services, the BVAF seeks to provide opportunities for sustainable economic growth in the communities it serves. Information about The Business Valued Advisor Fund is available at http://www.bakertilly.com/services/transaction-advisory/business-valued-advisor-fund.
About Chase Community Banking
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $2.4 trillion
and operations worldwide. The Firm is a leader in investment banking, financial services for consumers
and small businesses, commercial banking, financial transaction processing, and asset management. A
component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of consumers in
the United States and many of the world’s most prominent corporate, institutional and government
clients under its J.P. Morgan and Chase brands. Information about JPMorgan Chase & Co. is available
About Boston Community Capital
Boston Community Capital is a nonprofit community development financial institution. Since 1985, BCC has invested over $1 billion in projects that provide affordable housing, good jobs, and new opportunities in low-income communities, connecting these neighborhoods to the mainstream economy. BCC’s New Markets Tax Credit (NMTC) program invests in community and economic development projects that create jobs and opportunities in economically distressed communities nationwide. To date, BCC has received seven NMTC allocations totaling $468 million from the U.S. Department of Treasury all of which has been deployed to 23 projects in 17 states across the U.S., leveraging over $1.3 billion in additional capital to their communities. Information about Boston Community Capital is available at http://www.bostoncommunitycapital.org.
About the New Market Tax Credit Coalition
The New Markets Tax Credit (NMTC) Coalition is a national membership organization founded in 1998 to advocate on behalf of the NMTC program. The Coalition, which now includes more than 150 members, is managed by Rapoza Associates, a public interest lobbying, policy analysis and government relations firm located in Washington, DC that specializes in providing comprehensive legislative and support services to community development organizations, associations and public agencies.
Information about the New Market Tax Credit Coalition is available at http://nmtccoalition.org.
*Source: U.S. Department of Treasury CDFI Fund, Fact Sheet- New Market Tax Credits