New Market Tax Credit News Briefs – December 2021 – Novogradac

New Market Tax Credit News Briefs – December 2021  Novogradac

UB Community Development LLC closed a $7 million new markets tax credit (NMTC) transaction with Buc-ee’s to build a 53,250-square-foot complex with 144 fuel pumps, charging stations and 437 parking spaces in Auburn, Alabama. The store is expected to create more than 175 jobs in the Auburn area. UB Community Development received a $65 million allocation from the U.S. Department of the Treasury’s Community Development Financial Institutions Fund’s calendar year 2020 NMTC allocation awards.


In October, Local Initiatives Support Corporation’s New Markets Support Company (NMSC) and Edwards Lifesciences closed on a $25 million NMTC fund to support economic development in communities of color. The fund, Providing Real Opportunities for Progress by Edwards Lifesciences, is an NMTC equity fund, part of a $100 million commitment by Edwards Lifesciences to finance communities of color. NMSC will manage the fund, including originating, underwriting and monitoring each project investment and all fund operations.


Regions Financial in Birmingham, Alabama, added Steve Ross to lead its NMTC practice. Ross’ team will focus its work on social-impact investments. Regions also works with low-income housing tax credits and solar renewable energy tax credit equities. Previously, Ross was head of NMTC for Truist Financial Corporation.

Source: novoco.com

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