CAHEC New Markets received $50 million of New Markets Tax Credit allocation in the 2018 allocation round. In the past year, we have utilized $41.5 million of the allocation to invest in four unique projects aimed at enhancing and aiding communities across four states.

CAHEC New Markets’ $161.5 million of closed NMTC investments have and are projected to help create:

Construction Jobs

Permanent Jobs

SF 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’ $161.5 million of closed NMTC investments have and are projected to help create:

Construction Jobs

Permanent Jobs

SF 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

North Florida School of Special Education

Jacksonville, Florida

CAHEC New Markets Allocation: $10,250,000

North Florida School of Special Education (NFSSE) is a nonprofit private school founded in 1992 that serves students with intellectual and developmental differences between the ages of 6-22 through innovative academic and therapeutic programs. The school also provides a unique postgraduate program for young adults between the ages of 22-40 that focuses on vocational training, internships, and life skills. All students also have the opportunity to learn vocational skills through the school’s Berry Good Farms and Art with Soul social enterprises. Understanding the need for more quality academic and vocational services in northeast Florida, the school undertook a multiyear planning process and capital campaign for the expansion of its campus. The three-phase project will more than double the campus, create new academic and therapeutic spaces, and enhance the existing facilities. The focal point is the construction of a new 32,000 square foot school building that houses eight classrooms, four therapy rooms, a library, a fine arts complex, a full-sized gymnasium, a commercial teaching kitchen. The second phase includes a barn and riding arena for the new Delores Barr Weaver Therapeutic Equestrian Center serving NFSSE students and the community. The final phase is the renovation of the school’s existing classroom building. All students are able to attend NFSSE with significantly reduced tuition through State of Florida scholarships available for students with intellectual and developmental disabilities. The campus expansion will allow NFSSE to increase K-22 capacity from 175 students to 190 students and postgraduate from 65 students to 75 students and further expand programs serving the broader community. For more information about the North Florida School of Special Education please visit: https://www.northfloridaschool.org/.

Helping Up Mission’s House of Freedom

Baltimore, Maryland

CAHEC New Markets Allocation: $12,500,000

Helping Up Mission (HUM) is a nonprofit organization that has been aiding the poor and underserved residents of Baltimore City and the surrounding counties since 1885. HUM is currently able to provide food, shelter, addiction recovery, education, and other and support programs to 500 men daily. HUM focuses on addressing the underlying causes of homelessness by working with residents to overcome addiction and progress out of poverty into stable housing by securing employment. Currently, there are an estimated 50,000 people in various stages of addiction throughout Baltimore with intoxication-related deaths skyrocketing up to more than 60% in the last five years across Maryland. Helping Up Mission’s House of Freedom, financed in part by CAHEC New Markets, is a new 131,000 square foot, 7-story facility for women and their children who are experiencing poverty, homelessness, and addiction. The new facility will feature 260 beds that will be used for a one-year, residential substance abuse recovery program. In addition, the project will also include an emergency shelter, commercial kitchen, dining hall, childcare area, classrooms, a primary care/wellness center, mental health service area, counseling offices, workforce development and education center, and recreation area. The House of Freedom is expected to be completed in October 2021 and will allow HUM to serve the women and children in the community who do not have access to similar services elsewhere. For more information about Helping Up Mission please visit https://helpingupmission.org/.

Boys & Girls Club of Cabarrus County Expansion

Concord, North Carolina

CAHEC New Markets Allocation: $9,500,000

Boys & Girls Clubs of America is a national organization founded in 1860 that utilizes local chapters to provide programs aimed at empowering children. Serving Cabarrus County for over 70 years, the Boys & Girls Club of Cabarrus County addresses education disparities in the county through opportunities such as their 21st Century Community Learning Center Program (21st CCLC). The current club facility was only able to accommodate 150 of the 303 youth who participate in the 21st CCLC Program, which serves 17 out of the 22 Title I schools in the county. This project is an expansion of the existing Boys & Girls Club of Cabarrus County (BGCC) facility to allow it to better serve the youth in the community by being able to accommodate all participants of the 21st CCLC Program, as well as be able to apply for a grant to add 150 youth to the program. The 29,112 square foot expansion includes a new teen center, a performing arts center, and seven additional activity rooms that have doubled programming capabilities and allowed the club to now serve all 22 Title I schools in the county. This project also adds a cafeteria to help the 80% of children enrolled who are considered low income by ensuring that BGCC can provide daily hot meals as well as increased snacks to all members. Before this addition, BGCC was able to provide 20,000 snacks and 85,000 meals, these numbers will increase to 30,000 snacks and 127,500 meals annually. The new expansion provides space for the club to increase daily capacity from 450 year-round students to 750. Annually, the club is now able to serve 2,200 children which is a 69% increase from the previous capacity. For more information about the Boys & Girls Club of Cabarrus County please visit https://www.bgclubcab.org/.

Jackson Schools

Jackson, Tennessee

CAHEC New Markets Allocation: $9,250,000

The Jackson Schools project is a public-private partnership between the City of Jackson, Madison County, Madison County Public Schools, Jackson Community Redevelopment Agency, and Healthy Community, LLC to improve education in Jackson, TN. The project includes the rehabilitation of the Jackson Central Merry Middle/High School and the new construction of the Madison Academic Magnet High School, both expected to be completed in July 2021. The renovation and reopening of Jackson Central Merry Middle/High School, which closed in 2016 due to poor condition and underperformance, will allow for the school to serve 800 middle and high school students with 90% expected to be low-income. Students will have access to two district programs focusing on career training and work experience as well as the opportunity to earn an associate degree while in high school. Madison Academic Magnet High School is currently located in the oldest building in the school system, having been built in 1928. This project will include the new construction and relocation of the magnet school to the University of Memphis-Lambuth campus. This new building will allow the school to increase its current capacity by 132 students to accommodate 600 students and its university campus location will provide dual enrollment and other programming opportunities. Both schools will impact the local community by providing additional options for education in low-income communities. For more information about the Jackson-Madison County School System please visit: https://www.jmcss.org/.

NMTC Service Area

CAHEC New Markets is certified as a multi-state Community Development Entity (CDE). Our service area includes the 9 states of Florida, Georgia, Kentucky, Maryland, North Carolina, South Carolina, Tennessee, and West Virginia plus the District of Columbia.

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.