Making an Impact: CAHEC at Work
July 1, 2017 – June 30, 2018

CAHEC New Markets

CAHEC New Markets

CAHEC New Markets’ $120 million of NMTC investments have and are projected to help create:

Construction Jobs

Permanent Jobs

Square Feet of Development Financed

Pre-k – 12th grade student seats

Patients with improved access to health care annually

People with access to quality health, wellness, and recreation facilities

CAHEC New Markets’ $120 million of NMTC investments have and are projected to help create:

Construction Jobs

Permanent Jobs

Square Feet of Development Financed

Pre-k – 12th grade student seats

Patients with improved access to health care annually

People with access to quality health, wellness, and recreation facilities

CAHEC created CAHEC New Markets to utilize New Markets Tax Credit (NMTC) allocations to help finance community facility projects creating and improving access to jobs, educational opportunities, healthcare, and community goods and services in high distress, low-income communities throughout the Southeast and mid-Atlantic regions. We have been awarded and deployed $120 million of NMTC allocation from the U.S. Department of the Treasury’s CDFI Fund.

2017-2018 NMTC Investments

Robinson Grand Performing Arts Center (Clarksburg, WV)

Photo by: City of Clarksburg

Projected Outcomes:

  • Construction jobs: 100
  • Permanent jobs: 29 full time equivalents
  • Visitors: 7,000 annually

For more information visit: https://www.therobinsongrand.com/

Located in Clarksburg, West Virginia, The Robinson Grand Performing Arts Center redevelopment transformed a historic, vacant theater built in 1913, into a modern performing arts center with 1,010 seats. The historic rehabilitation and restoration also includes a multi-purpose banquet hall and 2,500 square feet of classroom space.

This new community space is expected to be a catalyst of economic development and revitalization in downtown, as well as provide cultural and educational opportunities to residents of Clarksburg and the surrounding counties within north central West Virginia. The city will partner with the school district to provide educational programs that are typically only available in communities such as Morgantown, which is an hour from Clarksburg. At the time of the NMTC investment, CAHEC had invested in two Low-Income Housing Tax Credit (LIHTC) projects in Harrison County, WV.

The total cost of the project is $22.9 million with CAHEC New Markets providing $10 million of NMTC allocation. U.S. Bancorp CDC is the NMTC and historic tax credit investor.

The soft opening for this gorgeous new facility was held on August 4th, 2018.

Republic Bank Foundation YMCA (Louisville, KY)

Rendering by: Luckett & Farley Architects, Engineers, and Construction Managers, Inc.

Projected Outcomes:

  • Construction jobs: 157
  • Permanent jobs: 41 full time equivalents
  • YMCA visitors: 2,500 unique individuals annually (12,000 visits/month)
  • Patient visits: 21,000 annually
  • MWBE goal: 20% of construction costs performed by minority-owned businesses and 5% by women-owned businesses

For more information visit: https://www.ymcalouisville.org/republic-bank/

The Republic Bank Foundation YMCA will be a newly constructed 77,000 square foot multi-purpose facility to improve health equity in west Louisville, Kentucky. This joint venture will feature a new YMCA, a medical clinic using a patient-centered medical home model, physical therapy practice, counseling services, and a new Republic Bank branch. The new facility will improve healthcare, wellness, and access to financial services in an underserved low-income community.

Much of the facility will house the YMCA including a multi-purpose gymnasium, classrooms, playground, multi-purpose fields, natatorium, and office space. Norton Healthcare will operate the primary care medical home providing comprehensive primary care to children, youth, and adults. ProRehab will operate the physical therapy rehabilitation practice and Family & Children’s Place will operate the family counseling center.

The total cost of the project is $32.9 million. CAHEC New Markets provided $10 million of NMTC allocation. Capital One, N.A. is the federal NMTC investor and provided NMTC allocation and U.S. Bancorp CDC is the Kentucky NMTC investor.

Construction began in January 2018 and is expected to be complete by August 2019.

Southeast Raleigh YMCA/Elementary School (Raleigh, NC)

Projected Outcomes:

  • Construction jobs: 58
  • Permanent jobs: 84 full time equivalents
  • YMCA Visitors: 4,000 unique individuals annually (20,000 visits/month)
  • Students: 480 Pre-k through 5th grade students annually
  • MWBE goal: 45% of construction costs

For more information visit: https://www.ymcatriangle.org/southeast-raleigh-ymca

The Southeast Raleigh YMCA/Elementary School is the first phase of a 31-acre master planned site to improve access to education, wellness and fitness activities, and affordable housing in Raleigh, North Carolina. The 114,959 square foot facility will be shared by the YMCA (42,960 SF) and the Wake County Public School System elementary school (71,999 SF). Community residents will be able to enjoy a state-of-the-art fitness and wellness center with amenities such as group exercise studios, an indoor track, a gym, outdoor pool, multi-purpose rooms, and sports fields. Future phases include a Low-Income Housing Tax Credit development and a mixed-use building with community serving tenants.

The new neighborhood elementary school will serve 480 students in pre-kindergarten through fifth grade. Currently, area students are bussed to approximately thirty schools throughout the county. It is projected that having a community school will increase parental participation, build community pride, and improve educational outcomes. At the time of the NMTC investment, CAHEC had invested in three LIHTC projects within two miles of the site.

The cost of the project is $41 million ($22 million YMCA and $19 million school) with CAHEC New Markets providing $15 million of NMTC allocation. SunTrust Banks, Inc. is the NMTC investor and also provided NMTC allocation.

Construction started in February 2018 and is expected to be complete by July 2019.

Enacted in 2000, the New Markets Tax Credits program is designed to stimulate economic and community development and job creation in low-income communities by attracting investment capital from the private sector. Taxpayers invest equity capital in qualified Community Development Entities (CDE) in exchange for a credit against their federal income taxes. In turn, CDEs are required to invest the proceeds in low-income communities, areas that traditionally have not attracted the attention of private capital.