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New Market Tax Credits
Overview The New Markets Tax Credit (NMTC) Program permits taxpayers to receive a credit against Federal income taxes for making qualified equity investments in designated Community Development Entities (CDEs). Substantially all of the qualified equity investment must in turn be used by the CDE to provide investments in low-income communities. The credit provided to the investor totals 39 percent of the cost of the investment and is claimed over a seven-year credit allowance period. In each of the first three years, the investor receives a credit equal to five percent of the total amount paid for the stock or capital interest at the time of purchase. For the final four years, the value of the credit is six percent annually. Investors may not redeem their investments in CDEs prior to the conclusion of the seven-year period. Created as a result of legislation enacted in 2000, over $26 billion in equity has been allocated by the CDFI Fund, a division of the US Treasury Department to approved Community Development Entities (CDEs). Waveland Community Development and Legacy Waveland Advisors have been responsible for over $950 million in total investment under the New Market Tax Credit Program. This investment has created over 12,000 jobs, all in economically distressed communities.
Waveland Community Development
Waveland Community Development (WCD), a wholly-owned subsidiary of Waveland Ventures has received $185 million in New Market Tax Credit allocation since 2007. To date WCD has financed projects in the following states: - Texas
- Wisconsin
- Colorado
- Louisiana
- Illinois
- Mississippi
- New York
- Alaska
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Project Title: The Bradford
Acquisition and construction financing for The Bradford, a mixed use project in Bedford Stuyvesant, Brooklyn, New York. First use of NMTCs to finance an affordable housing development. Goldman Sachs, NYC housing development Corp, and NYC Department of Housing Preservation and Development provided financing.
Read Goldman Sach's Press Release here.
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Project Title: 1227 Washington
Size of Transaction: $25.7 Million
Number of Jobs Created: 300
Description: Acquisition and construction financing for 1227 Washington Street in St. Louis, Missouri. This 110,000 square foot warehouse will be redeveloped into a multi-use facility that includes residential, office, and ground floor retail space.
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Project Title: 150 Clermont
Size of Transaction: $33.5 Million
Number of Jobs Created: 29
Description: Acquisition and construction financing for 150 Clermont in Brooklyn, New York. When completed the six story structure will include rental apartments and ground floor retail. Tenants in the rental space include a green grocer, a day-care center, and a Walgreens that feautures a pharmacy and a medical clinc.
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Project Title: East Texas Physician's Alliance
Size of Transaction: $11.4 Million
Number of Jobs Created: 113
Description: Construction and permanent financing for a 37,100 square foot medical clinic and office building . The clinic includes imaging services, a lab, physical therapy clinic, outpatient cardiac care assessment, and an extended urgent care center in a medically underserved area in Palestine,Texas.
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Project Title: Good News Bay Seafood
Size of Transaction: $40 Million Number of Jobs Created: 1,045 Description: Construction and permanent financing for a seafood processing plant located in Platinum, Alaska. This multi-acre complex includes 37,800 square feet of buildings that include a seafood processing plant, a maintenance building, a camp and dining facility for 130 people, and a tank farm.
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Project Title: Make It Right Foundation
Size of Transaction: $31 Million
Number of Jobs Created: 25
Description: Developer financing for the Make It Right Foundation (MIR). Founded in 2007 by actor Brad Pitt, MIR is in the process of rebuilding 150 green houses in the 9th ward of New Orleans. When completed, it will be the greenest single family neighborhood in the United States.
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Legacy Waveland Advisors
Formed in 2004, Legacy Waveland Advisors (LWA) is a partnership created with Legacy Bancorp, the 13th largest Black-owned bank in the United States. LWA serves as investment advisor to the Wisconsin Community Development Legacy Fund (WCDLF), a partnership between Legacy Bank, and the Wisconsin Housing and Economic Development Authority. Since 2003, WCDLF has been allocated over $400 million in New Market Tax Credits.
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Project Title: 318 N. Water
Size of Transaction: $8 Million
Number of Jobs Created: 142
Description: Historic Rehab of the Alfred Uihlein Building which was constructed in 1908. This 43,000 square foot building is home to a variety of marketing and communication based businesses that employ over 140 high wage earning individuals.
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Project Title: Aloft Hotel
Size of Transaction: $27 Million
Number of Jobs Created: 90
Description: Construction and permanent financing for the 160 room Milwaukee Aloft Hotel. This is the first major development in Milwaukee’s Park East sector, a highly distressed economic and environmentally challenged location.
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Project Title: Lena's Food Market
Size of Transaction: $3.7 Million
Number of Jobs Created: 145
Description: Redevelopment of a 33,000 square foot grocery store in one of Milwaukee’s most economically distressed neighborhoods. This minority owned business has created employment opportunity for over 150 people, while providing a much needed service in a neighborhood that is undergoing economic revitalization
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Project Title: Milwaukee Health Services
Size of Transaction: $5.8 Million
Number of Jobs Created: 210
Description: Acquisition of a 31,000 square foot health care facility that serves a mostly African-American population. Formed in 1989, this expansion will allow the extension of primary care services to low-income community residents in the City of Milwaukee. Milwaukee Health Services, Inc. has a long term-commitment to promoting a higher quality of life in the communities it serves.
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Project Title: IHOP
Size of Transaction: $3.5 Million
Number of Jobs Created: 65
Description: Permanent financing for a 47,000 square foot IHOP restaurant in Milwaukee’s central city. First of several planned franchises for a successful African-American entrepreneur.
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Project Title: Summit Place
Size of Transaction: $22 Million
Number of Jobs Created: 1,000
Description: Redevelopment of an industrial parcel vacated by Allis Chalmers into over 600,000 square feet of Class A commercial office space. Blue Cross and Blue Shield of Wisconsin is a major tenant and provides a catalytic employer presence in this historically highly industrial neighborhood.
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Project Title: Pick' n Save
Size of Transaction: $45 Million
Number of Jobs Created: 650
Description: Development of an abandoned 41 acre industrial site in the City of West Milwaukee. The project consists of significant site demolition and environmental remediation which will be followed by the construction of a 59,000 square foot Pick ‘n Save grocery store for Roundy’s Supermarkets, Inc.
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Project Title: Ponderosa
Size of Transaction: $2 Million
Number of Jobs Created: 40
Description: First African American woman owned Ponderosa Steakhouse franchise in the United States. This 6,500 square foot central city restaurant represents a new-urban prototype for Ponderosa with a menu that includes Southern-style entrees as well as unique take-out and catering capabilities.
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Project Title: Palermo Villa
Size of Transaction: $27 Million
Number of Jobs Created: 420
Description: New construction of a state of the art food manufacturing facility and headquarters for Palermo Villa, Inc., a privately held manufacturer and marketer of frozen pizza products. This 150,000 square foot facility will be situated on 12 acres in Milwaukee’s Menomonee Valley and be home to approximately 270 employees.
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Project Title: Proven Direct
Size of Transaction: $15.7 Million
Number of Jobs Created: 112
Description: Construction and permanent financing for 144,000 square foot manufacturing and distribution center for Proven Direct, a direct marketing and fulfillment company.
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Project Title: Iron Horse Hotel
Size of Transaction: $31 Million
Number of Jobs Created: 165
Description: Construction and permanent financing for 102 room boutique hotel located in Milwaukee’s Menomonee Valley. Developed to serve the recently constructed Harley Davidson Museum.
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Project Title: The Brewery
Size of Transaction: $16 Million
Number of Jobs Created: 23
Description: The Brewery is the adaptive reuse of the former Pabst Brewery complex. Once America's largest brewery. The Brewery represents one of the most significant historic preservation and environmentally sensitive redevelopment opportunities currently underway in urban America.
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