GREENVILLE, S.C., Jan. 6, 2020 /PRNewswire/ -- Tax Advantage Group LLC (TAG), a consulting firm specializing in New Markets Tax Credit (NMTC) financing, capped off 2019 with $9.5 million in NMTC financing for Boys & Girls Club of Cabarrus County, a community facility located in Concord, North Carolina. Through the NMTC closing with F&M Bank, CAHEC New Markets and Wells Fargo, the Boys and Girls Club is expanding their services through the construction of an additional 29,112 square feet of space at their current location.
As the result of this expansion, the facility will be improved to include seven classrooms, a STEM teaching lab and dedicated space for teens to encourage older Boys & Girls Club participants to remain engaged with the Club through high school. The project will nearly double year-round student participation from 450 to 750 students and summer programming from 1,300 to 2,220 youth, in this Low-Income Community (LIC) with 34.9% poverty and 51.56% median family income.
"This project is allowing the Boys and Girls Club to expand their service to all 22 Title I schools in Cabarrus County as well as their 21st Century Community Learning Center," said Tammy Propst, President of TAG. "Both of which are key initiatives for a student population 76% of whom are low-income and 64% are minority."
The financial closing of Boys & Girls Club ended a year full of transformative deals totaling $109.8 million of NMTC lending across the U.S., including:
- Faith Family Medical Center, Nashville, TN – $8.5 million of NMTC financing supported the construction of a 17,000 square foot non-profit medical center providing over 13,400 health, wellness and medical visits annually to the working uninsured and other underserved people in Middle Tennessee; and
- Foundation Communities, Austin, TX – This $17 million NMTC financing, in partnership with PeopleFund, MBS Urban Initiatives CDE, and US Bancorp Community Development Corporation, allowed Foundation Communities, a non-profit affordable housing developer, to acquire Mission Plaza, a 75,242 SF two-building complex in Austin. The project allowed the non-profit to create a new and larger Community Financial Center, which will provide low-income residents with a wide variety of wrap-around services including, but not limited to, tax return preparation, AHA enrollment, and one-on-one personal financial counseling. The facility will also host a number of other non-profit headquarters, including Communities in Schools of Central Texas.
TAG has structured and facilitated NMTC investments totaling $760 million to 63 businesses and non-profits across the United States. The funds supplement nearly $1.5 billion in combined project costs. To date, TAG's portfolio has created 14,000 direct jobs, served 339,400 clients through its nonprofit investments, and helped create over 6.5 million square feet of new and improved commercial and industrial real estate.
Aimed at stimulating investment and economic growth in LICs, TAG's current portfolio consists of investments in areas with poverty rates as high as 66.6%, median family income as low as 14.24%, and unemployment rates as high as 31.2%. TAG NMTC Program Senior Manager Pete Byford, said, "The projects TAG worked with in 2019 continue our focus on serving high-impact projects that further the goals of the NMTC program by delivering vital goods and services to severely distressed communities across the country."
About Tax Advantage Group
Headquartered in Greenville, S.C., taxadvantagegroup (tag) is one of the country's most successful consulting firms specializing in New Markets Tax Credits, helping nonprofit and for-profit organizations access capital and transform communities.
Tammy C. Propst
SOURCE Tax Advantage Group