QLICIs of the Year Awards Celebrate Variety of NMTC
Investments
SAN
FRANCISCO, May 24, 2024 /PRNewswire-PRWeb/ -- Twenty
community development entities (CDEs) are winners of the 2024
Novogradac Journal of Tax Credits QLICIs of the Year Awards. The
awards go to CDEs involved in a qualified low-income community
investment (QLICI) for an outstanding property or business. This
year's winning CDEs earned the awards for the following new markets
tax credit (NMTC) investments in five categories:
- Metro QLICI of the Year: Custom Foods of America in
Knoxville, Tennessee.
- Nonmetro QLICI of the Year: Lac Courte Oreilles Community
Health Center in Hayward,
Wisconsin.
- Real Estate QLICI of the Year: Whitman-Walker Max Robinson
Center at St. Elizabeths in Washington,
D.C.
- Small Business QLICI of the Year: Lendistry NMTC Loan Fund I in
Los Angeles.
- Operating Business QLICI of the Year: City Fresh Foods in
Boston.
The winners will be honored at the Novogradac 2024 Spring New
Markets Tax Credit Conference June
6-7 at The Fairmont in Washington,
D.C.
"There are many important community development efforts every
year and these are simply some of the standouts," said Greg Clements, CPA, chair of the conference and
a partner in Novogradac's Dover,
Ohio, office. "They show the value and impact of new markets
tax credit investments in rural and urban low-income
communities."
Custom Foods of America (CFA) in Knoxville, Tennessee, is a manufacturer and
distributor to major restaurants, providing food for convenience
stories as well as hot food during breakfast, lunch and dinner. The
NMTC investment will allow CFA to expand its capacity by 70%,
create 231 full-time equivalent jobs and retain 232 such jobs. CDEs
CCG Community Partners LLC, Empowerment Reinvestment Fund LLC,
Mid-City Community CDE, National New Markets Fund LLC, Truist
Community Development Enterprises, LLC provided a combined
$43 million in QLICIs.
Lac Courte Oreilles Community Health Center in rural
Hayward, Wisconsin, is a community
health center built on the Lac Courte Oreilles tribal reservation.
Aiming to curb long wait times in a Native American community with
limited resources, the new center will consolidate the main health
clinic and behavior health services into one facility for the Lac
Courte Oreilles Band of the Lake Superior Chippewa. Broadstreet
Impact Services, Forward Community Investments, IFF, Impact Seven,
Native American Bank and USBCDC, LLC provided NMTCs to the
endeavor.
Whitman-Walker Max Robinson Center at St. Elizabeths in
Washington, D.C., hopes to provide
services and programs to more than 15,000 people each year.
Whitman-Walker has a half-century
history of HIV care and HIV prevention-related care, a national
leader in LGBTQ+ health care and advocacy. The new development
includes a pharmacy, 65 exam rooms, 12 behavioral health suites and
24 conference and team rooms as well as provide 100 new jobs to the
community. Capital Impact Partners, Chase New Markets Corporation,
D.C. Housing Enterprises, Industrial Bank, and Jubilee Manna
Sub-CDE IV, LLC combined for $32
million in QLICIs for the endeavor.
Lendistry's NMTC Loan Fund I based in Los Angeles will seek to energize small
minority business enterprises across America. The fund helped close
14 small business loans in as many months, creating more than 300
living-wage jobs. B.S.D. Capital Inc., dba Lendistry, and USBCDE,
LLC combined for $23 million in NMTCs
for the fund.
City Fresh Foods, a minority-owned food service company in
Boston, will grow its production
with a new 18,000-square-foot commercial condominium that includes
land for future expansion. The new facility will help City Fresh
secure USDA certification and grow its capacity from 3.5 million to
8.4 million meals per year. HEDC New Markets Inc. (Grow America)
and The Community Builders, Inc combined for QLICIs for the
development.
Additional details about the award winners and information on
how to nominate a development for the 2024 round of awards can be
found at http://www.novoco.com/events/awards.
About Novogradac
Novogradac, which has been in business for more than 30 years, has
grown to more than 760 employees and partners with offices in more
than 25 cities. Tax, audit and consulting specialty practice areas
for Novogradac include affordable housing, community development,
historic rehabilitation and renewable energy. For additional
information on Novogradac's personnel and areas of expertise, visit
http://www.novoco.com or call (415) 356-8000.
Media Contact
Events Desk, Novogradac & Company LLP, (415) 356-7970,
events@novoco.com, www.novoco.com
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SOURCE Novogradac & Company LLP