GREENVILLE, S.C., Jan. 15, 2019 /PRNewswire/ -- Tax Advantage Group LLC (TAG), a consulting firm specializing in New Markets Tax Credit (NMTC) financing, capped off 2018 with $17.5 million in NMTC financing for 100 Prince, a mixed-use development located in Athens, Georgia. Homes Urban, a developer of high-barrier, primarily in-fill multifamily housing, in partnership with Enterprise Community Investment, Inc., National Development Council, Chase Community Equity, LLC and United Community Bank funded 100 Prince. Homes Urban will use the financing to construct 54,075 square feet of mixed-use facilities and related infrastructure improvements on a long vacant site, providing a 10,000 square foot grocery store, 78 direct jobs, and 34 housing units, with 10 units being affordable at 80% AMI for this Low-Income Community with 44.6% poverty.
"Not only will this important project provide below-market rents to attract Athens' first urban-scale grocery store, located in a Food Desert, it will also create quality jobs of which the majority are accessible to the area's low-income community residents," said Tammy Propst, President of TAG.
The financial closing of 100 Prince ended a year full of transformative deals totaling $185 million of NMTC lending across the U.S., including:
- Swiss Krono, Barnwell, SC – $45.25 million of NMTC financing was provided to this rural Operating Business for the purchase of machinery and equipment to support a 250,000 square-foot expansion in the S.C. Lowcountry Promise Zone; and
- THRIVE Academy, Baton Rouge, LA – This $7.76 million NMTC financing package supports the construction of a 42,500 square-foot permanent academic building, which allows the free, state boarding school to serve 180 at-risk youth in grades six through twelve.
TAG has structured and facilitated NMTC investments totaling over $658 million to 50 businesses and non-profits across the United States. The funds supplement nearly $1.3 billion in combined project costs. To date, TAG's portfolio has created 11,830 direct jobs; served over 298,300 clients through its nonprofit investments; and helped create over 5.6 million square feet of new and improved commercial and industrial real estate.
Aimed at stimulating investment and economic growth in low-income communities (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, "TAG delivers projects that are both financially sound and significant assets to their community at large. We could not have achieved our results without our investors, our amazing borrowers, and our community partners."
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. In addition to managing $450 million of NMTC assets, since 2004 tag has played an instrumental role in securing funding for over $1.5 billion for community projects across the United States.
Tammy C. Propst
SOURCE Tax Advantage Group LLC