News

Independent report finds New Markets Tax Credit program exceeds goals, spurs economic growth in distressed communities

August 11, 2017

Human Hand Touching Checklist on Touch Screen

A new independent report commissioned by the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) found that the New Markets Tax Credit (NMTC) Program is meeting and exceeding program and compliance requirements and continuing to attract job-creating investments in economically distressed communities.

Fund Director Annie Donovan hailed the NMTC program for its continued success in a public statement on the CDFI Fund’s website.

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Enhanced Community Development invests in new mixed-use CrossPlex retail development in Birmingham, Alabama

July 26, 2017

CrossPlex Village

In 2021, the City of Birmingham will host the World Games at its new world-class CrossPlex athletic facility. But that’s not the only major development project coming to the area.

Thanks to New Markets Tax Credits financing, Birmingham will also be home to CrossPlex Village, a new mixed-use retail development project.

Construction began last month, according to Alabama NewsCenter. The development will include a 101-key Comfort Inn and Suites Hotel, the only hotel in its area; a Starbucks Commercial Center with the company’s third youth training and employee development center in the country; and a “Restaurant Row,” a series of business spaces anchored by a local restaurant icon.

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Grambling hosts dedication ceremony to celebrate new NMTC-funded Legends Square retail development, induct 24 honorees into ‘Walk of Fame’

July 9, 2017

Grambling Ribbon Cutting

City leaders, state legislators, sports Hall of Famers, honored guests and local residents celebrated the grand opening of the Legends Square retail development with a ribbon cutting event and the induction of 24 people into Grambling, Louisiana’s new Walk of Fame on Saturday, July 8. Enhanced Capital was pleased to participate, having helped to provide $10 million in federal New Markets Tax Credits to the project.

Covered by KTVE NBC 10 and other media, the well-attended event marked the beginning of a new legacy for Grambling – one that includes the city’s first grocery store in almost 50 years. The Legends Square retail development features a 48,300-square-foot plaza, which will include a full-service grocery store and pharmacy, new retail stores and a Walk of Fame honoring Grambling’s rich history and remarkable residents.

 

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National report finds that New Markets Tax Credits continue to support economic growth and job creation

June 15, 2017

Open Sign

The New Markets Tax Credit Coalition recently released its 2017 New Markets Tax Credit (NMTC) Progress Report, which highlights the program’s success over the previous year in bringing much-needed investment to low-income populations, stimulating growth throughout the nation and creating jobs in economically distressed communities.

“The 2017 New Markets Tax Credit Progress Report reaffirms that the NMTC program continues to be an effective way to help create economic opportunity and address unemployment and poverty through impact investing,” said Michael Korengold, president and chief executive officer at Enhanced Capital. “As we continue our work, Enhanced Capital remains committed to attracting much-needed investments to low-income and rural communities to spur economic growth and community development.”

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