SAN FRANCISCO, Oct. 26, 2020 /PRNewswire-PRWeb/ -- Five
properties and 10 community development entities (CDEs) are the
winners of the Novogradac Journal of Tax Credits 2020 Community
Development QLICIs of the Year Awards. The awards recognize
community development entities (CDEs) that made exceptional
qualified low-income community investments (QLICIs) using new
markets tax credits (NMTCs). Award winners will be showcased at the
Novogradac 2020 New Markets Tax Credit Fall Virtual Conference,
Oct. 29-30.
"This year's QLICI award winners showcase a diverse array of
investments and developments using the new markets tax credit
incentive," said Brad Elphick, CPA,
conference chairman and Novogradac partner. "As Congress considers
extending and expanding the incentive, these investments are an
important reminder of how crucial this tax incentive can be for
underserved communities."
Awardees were recognized in the following categories:
- Metro
- Non-Metro
- Operating Business
- Real Estate
- Small Business
The metro QLICI winners are Chase New Markets Corporation and
Cinnaire for their investment in the Mott Community College (MCC)
Culinary Arts Facility in Flint,
Mich. The new Culinary Arts Institute allowed MCC to expand
its curriculum and to more than double its program capacity to
serve approximately 400 students, bringing new students to the area
and creating secondary economic impact in Flint. The new culinary arts institute would
not have been possible without Cinnaire's $9
million NMTC allocation, a $1
million NMTC allocation from Chase New Markets Corporation
and developer Uptown Reinvestment Corporation.
The non-metro QLICI winners are MuniStrategies, HOPE Enterprise
Corporation, Capital One and Three Rivers Community Development
Corporation for their investment in a new facility for Tippah
County Hospital in Ripley, Miss.
The current facility is more than 60 years old and is in need of
replacement. The new facility will help improve local medical
talent and patient outcomes, and it will provide emergency health
care to the residents of Tippah
County and nearby Benton
County, which does not have a hospital. The four CDEs
provided more than $25 million in
NMTC allocations to help finance the new facility.
The winner in the operating business category is AMCREF
Community Capital for its investment in RWDC Industries in
Athens, Ga. RWDC Industries
creates Solon brand bioplastics, which can replace traditional
petrochemical plastics in packaging materials, particularly food
packaging. RWDC uses locally sourced recycled waste cooking oils as
a raw material for manufacturing its bioplastics. AMCREF's
$7.7 million NMTC allocation allowed
RWDC to close its financing gap and accelerate product development,
and helped RWDC secure long-term contracts and create jobs in the
local community.
In the real estate category, the winners are Building America
CDE and National Trust Community Investment Corporation for their
investment in 683 Northland in Buffalo,
N.Y. The adaptive rehabilitation of the industrial facility
provides space for developing and maintaining a skilled workforce
to meet the needs of the advanced manufacturing and energy sectors,
and helps innovation-driven businesses excel. The NMTC financing
allowed Buffalo Urban Development Corporation to take a vacant,
dilapidated warehouse and rehabilitate it into a vocational
training facility for quality jobs in the advanced manufacturing
and energy sectors.
The CDE winner in the small business category is Stonehenge
Community Development for its investment in PhoneSoap LLC. Its
investment has helped to fulfill a growing backlog of customer
orders and is expected to create nearly 30 new jobs. PhoneSoap has
experienced exponential growth in orders since the onset of the
COVID-19 pandemic. PhoneSoap is working to expand its product line
to include a device to help hospital workers sanitize rooms and
devices as well as a new air purifier for residential use.
Additional details about the awards winners and information on
how to nominate a development for the next round of awards can be
found at http://www.novoco.com/events/awards.
The Novogradac 2020 New Markets Tax Credit Fall Virtual
Conference will feature a keynote address, networking
opportunities, conference panels for investors, developers, CDEs
and more.
About Novogradac
Novogradac began operations in 1989 and has grown to more than 600
employees and partners with offices in more than 25 cities. Tax,
audit and consulting specialty practice areas for Novogradac
include affordable housing, opportunity zones, community
development, historic rehabilitation and renewable energy.
SOURCE Novogradac & Company LLP