Making an Impact: CAHEC at Work
July 1, 2016 – June 30, 2017

CAHEC New Markets' Newest Allocation

CAHEC New Markets' Newest Allocation

The U.S. Department of the Treasury’s CDFI Fund awarded CAHEC New Markets a $45 million allocation under the combined CY2015 – CY2016 allocation round of the New Markets Tax Credit (NMTC) Program. The NMTC allocation will be used to provide senior and subordinated debt financing to community facilities throughout the Southeast and mid-Atlantic regions, creating and improving access to jobs, educational opportunities, healthy foods, and community goods and services in high distress, low-income communities.

CAHEC New Markets closed its first project, Rocky Mount Epicenter, with this new allocation in May 2017. The Epicenter is a 160,000 square feet new construction facility in downtown Rocky Mount, NC. The majority of the facility is designed as flexible event space with capacity for 5,000 seats, 8 basketball courts or 16 volleyball courts, 6 meeting/conference rooms, 4 multipurpose rooms, a commercial kitchen, café, and staff offices. A portion of the building will be a family entertainment center which will feature a climbing wall, a ball pit and jungle gym play area, an indoor ropes course, and an arcade. The balance of the building, 4,500 SF, will be leased to a local nonprofit organization for the operation of a new Downtown Health Plaza that will provide health care services to residents including walk-in services, urgent care, x-rays, vaccinations, etc.

Several other projects are slated to close later this year utilizing the remaining funding.

The U.S. Department of the Treasury’s CDFI Fund awarded CAHEC New Markets a $45 million allocation under the combined CY2015 – CY2016 allocation round of the New Markets Tax Credit (NMTC) Program. The NMTC allocation will be used to provide senior and subordinated debt financing to community facilities throughout the Southeast and mid-Atlantic regions, creating and improving access to jobs, educational opportunities, healthy foods, and community goods and services in high distress, low-income communities.

CAHEC New Markets closed its first project, Rocky Mount Epicenter, with this new allocation in May 2017. The Epicenter is a 160,000 square feet new construction facility in downtown Rocky Mount, NC. The majority of the facility is designed as flexible event space with capacity for 5,000 seats, 8 basketball courts or 16 volleyball courts, 6 meeting/conference rooms, 4 multipurpose rooms, a commercial kitchen, café, and staff offices. A portion of the building will be a family entertainment center which will feature a climbing wall, a ball pit and jungle gym play area, an indoor ropes course, and an arcade. The balance of the building, 4,500 SF, will be leased to a local nonprofit organization for the operation of a new Downtown Health Plaza that will provide health care services to residents including walk-in services, urgent care, x-rays, vaccinations, etc.

Several other projects are slated to close later this year utilizing the remaining funding.