Tax Advantage Group Wraps Up 2017 With $12.7 Million NMTC Financing for Commonwealth Centre for Advanced Training

GREENVILLE, S.C., Jan. 17, 2018 /PRNewswire/ -- Tax Advantage Group LLC (TAG), a consulting firm specializing in New Markets Tax Credit (NMTC) financing, capped off 2017 with the funding of the Commonwealth Centre for Advanced Training (CCAT), located in non-metropolitan Henry County, Virginia. Henry County and The Martinsville-Henry County Economic Development Corporation, in partnership with The Harvest Foundation, People Incorporated Financial Services and SunTrust Community Capital, funded CCAT to provide advanced manufacturing workforce training opportunities at no cost to local community residents. CCAT will use the financing to construct a 25,590 square-foot training facility, and to complete other infrastructure improvements in the Commonwealth Crossing Business Centre.

"Not only will this important project train residents in non-metropolitan Henry County for advanced manufacturing jobs, 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 CCAT ended a year full of transformative deals totaling nearly $63 million of NMTC lending across the U.S., including:

• TAG Truck Center, Memphis, TN – Over $22.8 million of NMTC financing was provided to this Operating Business for the construction of a 164,000 square-foot commercial truck center and technician training facility being developed at the former Mall of Memphis property in Tennessee; and
• Women's Center and Shelter of Greater Pittsburgh, Pittsburgh, PA – This $12.2 million NMTC financing package will update the 38,000 square-foot facility, allowing the shelter to expand and enhance programs for abused women and their children.

TAG has structured and facilitated NMTC investments totaling over $471.5 million to 36 businesses and non-profits across the United States. The funds supplement over $790 million in combined project costs. To date, TAG's portfolio has created 8,444 direct jobs; served over 258,154 clients through its nonprofit investments; and helped create nearly 4.9 million square feet or 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. Since 2004, and in addition to managing $305 million of NMTC assets, tag has played an instrumental role in securing funding for over $1.2 billion for community projects across the United States.

Media Contact:
Tammy C. Propst
864.271.2737
[email protected]

SOURCE Tax Advantage Group LLC