Novogradac to Recognize 11 CDEs for Community Development Investment Efforts at Upcoming New Markets Tax Credit Conference

QLICIs of the Year Awards to Honor Array of NMTC Investments

SAN FRANCISCO, June 2, 2025 /PRNewswire/ -- Eleven community development entities (CDEs) are winners of the 2025 Novogradac Journal of Tax Credits QLICIs of the Year Awards. The awards go to CDEs involved in a qualified low-income community investment (QLICI) for an outstanding property or business. This year's winning CDEs earned the awards for the following new markets tax credit (NMTC) investments in five categories:

• Metro QLICI of the Year: Jackie-Joyner Kersee Food, Agriculture and Nutrition (JJK-FAN) Innovation Center in East St. Louis, Illinois.
• Nonmetro QLICI of the Year: Marshall County Career Innovation Center in Plymouth, Indiana.
• Real Estate QLICI of the Year: Rocky Boy Youth Wellness Center (Mīyō Youth Center) in Box Elder, Montana.
• Small Business QLICI of the Year: Bastion Wellness Center in New Orleans, Louisiana.
• Operating Business QLICI of the Year: Rich Products Corporation in Brownsville, Texas.

The winners will be honored at the Novogradac 2025 Spring New Markets Tax Credit Conference June 5-6 at The Fairmont in Washington, D.C.

"On behalf of Novogradac, I'm excited to recognize these remarkable community development efforts," said Greg Clements, CPA, chair of the conference and a partner in Novogradac's Dover, Ohio, office. "They show the value and impact of new markets tax credit investments in a multitude of settings, demonstrating the value and necessity of the incentive."

The Jackie-Joyner Kersey Food, Agriculture and Nutrition (JJK-FAN) Innovation Center in East St. Louis, Illinois, is an 80-acre, multiservice campus that endorses youth engagement and community development, addresses food access, health and economic disparities, and seeks to create a pipeline of skilled future leaders from minority backgrounds in the ag-tech and food systems industries. The $23.9 million first phase involves building a 24,000-square-foot facility for classrooms, gardens, greenhouses, a commercial kitchen and more. Heartland Regional Investment Fund ($12 million) and Consortium America LLC ($9 million federal, $9 million state) combined for $30 million in NMTCs for the expansion of JJK-FAN's resources.

The Marshall County Career Innovation Center in Plymouth, Indiana, provides the region, including 10 rural school districts, career technical education programs and employer-driven training to ready its students for high-demand careers. The initiative is expected to result in more than 200 job placements and more than 100 education placements per year, as well as create a 28-seat seat child care center at a subsidized cost for students and teachers, aiding in those individuals' own education opportunities. The Fort Wayne New Markets Revitalization Fund LLC ($4 million) and Cinnaire New Markets LLC ($6 million) combined to allocate NMTCs to the endeavor.

The Rocky Boy Youth Wellness Center (Mīyō Youth Center) in Box Elder, Montana, seeks to boost wellness among youths on the Rocky Boy Reservation, Chippewa Cree Tribe. The $30 million, 30,000-square-foot facility provides examination rooms, classrooms, a gymnasium, a fitness center, locker rooms, a cafeteria and a kitchen. The investment is expected to generate more than 40 new or retained jobs. Montana Community Development Corporation ($17 million in NMTCs), Dakotas America LLC ($12 million) and U.S. Bancorp Community Development Corporation LLC ($3.2 million)–combined for $32.2 million in NMTC allocation to help fund the site.

Bastion Wellness Center in New Orleans will deliver a new 9,977-square-foot veterans wellness facility to a deep distress, low-income community in the Big Easy. The investment adds a two-story wellness center to the 5.5-acre residential campus that allows Bastion to provide services to hundreds more clients per year. Additionally, the center will support 25 permanent jobs, 16 of which are newly created. Urban Research Park CDE LLC ($7 million in NMTCs) and AMCREF Community Capital ($5 million) combined to allocate NMTCs to the development.

The Rich Products Corporation in Brownsville, Texas, will expand its manufacturing and warehouse space thanks to an NMTC investment. The business is a supplier of frozen cakes, confectionaries, desserts, seafood, family meals, appetizers, artisan breads and other products. The expansion will double the size of its existing facility and grow new production lines. National New Markets Fund LLC ($17.5 million) and DV Community Investment LLC ($8 million) combined to allocate $25.5 million in NMTCs.

Additional details about the award winners and information on how to nominate a development for the 2026  awards can be found at http://www.novoco.com/events/awards.

About Novogradac

Novogradac, which has been in business for 35 years, has grown to more than 850 employees and partners with offices in more than 25 cities. Tax, audit and consulting specialty practice areas for Novogradac include affordable housing, community development, historic rehabilitation and renewable energy. For additional information on Novogradac's personnel and areas of expertise, visit www.novoco.com or call (415) 356-8000.

SOURCE Novogradac & Company LLP