November 20, 2014
NEW ORLEANS – Nonprofit Finance Fund, Dakotas America and Chase New Markets Corporation received honorable mention for the 2014 Novogradac Journal of Tax Credits Community Development Awards, which were presented today at the Novogradac New Markets Tax Credit Conference at the Roosevelt Hotel in New Orleans, La. Nonprofit Finance Fund, Dakotas America and Chase New Markets Corporation were recognized in the real estate category for their investment in the Flint Health and Wellness District in Flint, Mich.
The $30 million Flint Health and Wellness District project will rehabilitate a historic newspaper headquarters building into 16 housing units and 45,000 square feet of research space for Michigan State University’s (MSU’s) School of Public Health. The project will also provide expanded space for a farmers market that investment partners expect will serve between 500,000 and a million people a year. Investment partners predict the development will create more than 100 permanent jobs, 60 of which will be high-paying research jobs at MSU. The project was financed with new markets tax credit (NMTC) funding, historic rehabilitation tax credit (HTC) funding, capital grants from the city of Flint and the Michigan Strategic Fund, loans by community development financial institutions (CDFIs) and donations from the C.S. Mott Foundation and private donors.
“The New Markets Tax Credit program is one of the most dynamic resources available for bringing capital to communities that need it the most,” said Brad Elphick, CPA, conference chairman and partner of Novogradac & Company LLP’s Atlanta, Ga. metro office. “Winners of the Community Development Awards demonstrate what can be achieved when public and private partners unite to improve the nation’s underserved communities.”
The Community Development Awards were presented to community development entities (CDEs) that made exceptional qualified low-income community investments (QLICIs) in the past year.
Projects honored had NMTC funding transactions that closed in 2013 or 2014. Awardees were recognized in give categories: small business, operating business, real estate, metro and non-metro. Full descriptions of the 11 developments recognized at the Community Development Awards are available at http://www.novoco.com/awards/community_development/index.php.
The Novogradac Journal of Tax Credits provides news, analysis and commentary on the affordable housing, new markets, renewable energy and historic rehabilitation tax credit industries. This comprehensive 80-page publication features columns written by industry experts, Q&As on technical tax credit issues, features about tax credit developments and more, all informed by Novogradac and Company’s 25 years of experience on the front lines of the tax credit industry.
Novogradac began operations in 1989, and the allied group of Novogradac companies has since grown to more than 500 employees and partners with offices in San Francisco and Long Beach, Calif.; the Washington, D.C., Atlanta, Ga., Detroit, Mich., Kansas City, Mo. and Seattle, Wash. metro areas; St. Louis, Mo., Boston, Mass.; Austin, Texas; Dover, Columbus and Cleveland, Ohio; New York, N.Y.; Portland, Ore.; Naples, Fla. and Chicago, Ill. Specialty practice areas include tax, audit and consulting services for tax-credit-assisted multifamily and affordable housing, community revitalization, rehabilitation of historic properties and renewable energy developments.
For more information about the Novogradac Journal of Tax Credits Community Development Awards, please contact Teri Baker at (415) 356-7995 or by email at Teri.Baker@novoco.com.