CAHEC New Markets Provides $29,500,000 to Three Community Development Projects
RALEIGH, NC, March 28, 2023 /24-7PressRelease/ -- CAHEC New Markets, a New Markets Tax Credit (NMTC) Community Development Entity, has provided $29,500,000 in NMTC investments to three impactful projects focused on community development and economic growth. The first investment of $10,000,000 supports Goodwill Industries of Kentucky's development of its state-of-the-art Opportunity Campus in Louisville, KY. The 124,266 square-foot Opportunity Campus will allow Goodwill Industries of Kentucky to relocate its headquarters and create a one-stop shop offering life-enhancing services for people residing in one of the state's most severely distressed communities. Goodwill will occupy part of the facility to provide essential services for housing, transportation, employment and soft skills development, and job placement. Organizations with similar social missions will occupy the remainder of the facility, including Big Brothers Big Sisters of Kentuckiana, YMCA of Greater Louisville, Volunteers of America, and Legal Aid. Along with creating 70 new full-time jobs, an estimated 21,000 people, nearly all of whom are low-income, will be served annually by Goodwill and the subtenant partner organizations.
The second investment of $12,500,000, was provided to Senior Services, Inc. for the new Intergenerational Center for Arts and Wellness (ICAW) in Winston-Salem, NC. This multi-tenant center will provide improved access to critical social services, including elder care, healthcare, early childhood education, arts, and more. The NMTC financing supports the construction of the new facility which will allow Senior Services to expand its adult day center and partner organizations to serve more students through an expanded Head Start program, provide primary care and other medical services and medical occupation training, create space for art studios, operate a café providing culinary job training opportunities, and launch a geriatric clinic and research center. The impacts expected from the new facility are made possible through ICAW's collaboration with various community partners, who will utilize shared space within the center.
The third investment of $7,000,000 was a working capital loan to the Atlanta Community Food Bank (ACFB) in Atlanta, GA. Founded in 1979, ACFB is a member of the Feeding America network and works to battle food insecurity in 29 counties in metro Atlanta and north Georgia through meal distribution, outreach, and nutrition assistance programs. The NMTC financing supplied by CAHEC New Markets will fund food and employee costs that intensified as food demand increased throughout the past few years. The NMTC financing will allow ACFB to purchase 1.6 million pounds of food, equating to an estimated 1.3 million meals for the community.
As part of its commitment to strengthening communities within high-distress neighborhoods, CAHEC New Markets is honored to support organizations and projects such as the Goodwill Opportunity Campus, Intergenerational Center for Arts and Wellness, and Atlanta Community Food Bank. "These New Markets Tax Credit investments provide critically needed capital to organizations deeply rooted in their communities working to directly and meaningfully respond to their communities' needs and create systemic change", said Brian Oxford, CAHEC's Manager, Community Capital.
About CAHEC New Markets
CAHEC New Markets, LLC is a certified Community Development Entity that raises capital through the New Markets Tax Credit program for lending to qualified businesses in low-income communities. CAHEC New Markets uses this capital to finance community facility projects that create and improve access to jobs, educational opportunities, community goods and services, promote health and wellness, and stimulate community development in high distress low-income communities. To learn more about the work being done by CAHEC New Markets, visit their website.
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