GREENVILLE, S.C., Feb. 15, 2018 /PRNewswire/ -- The Innovate Fund, a South Carolina based Community Development Entity (CDE) managed by taxadvantagegroup and Greenville Local Development Corporation, is excited to announce it was awarded a $55 million allocation of New Markets Tax Credits (NMTCs) by the Community Development Financial Institution Fund (CDFI Fund) of the U.S. Department of the Treasury. The funds will help finance economic and community development projects in Low-Income Communities across South Carolina.
With tremendous support from U.S. Senators Tim Scott and Lindsey Graham, The Innovate Fund was the only CDE focused solely on South Carolina to receive an allocation in this year's round of funding. The CDFI Fund released $3.5 billion in NMTC awards nationwide on February 13, 2018. The purpose of the federally funded NMTC program is to stimulate new investment in Disadvantaged Businesses and Low-Income Communities with high levels of poverty and unemployment.
"The Innovate Fund will invest the $55 million in operating businesses or real estate developments that support job creation and economic mobility, as well as community facilities that create improved health and wellness services in low-income communities throughout South Carolina," said David Barnett, The Innovate Fund Board Chair and SC Western Market President for Carolina Alliance Bank.
"The Innovate Fund is grateful for the leadership shown by Senators Scott and Graham to preserve the New Markets Tax Credits program with the passing of the recent tax legislation. With this award, we will be able to fund projects that can truly transform communities in some of the most distressed areas in South Carolina," said Doris Shellhorse, The Innovate Fund Program Manager.
Organizations interested in applying for funds should contact The Innovate Fund Program Manager, Doris Shellhorse at firstname.lastname@example.org or (864) 271-2737.
About The Innovate Fund
Established in 2004, The Innovate Fund and affiliates were created to provide federal New Markets Tax Credit (NMTC) financing for Disadvantaged Businesses and Communities located in South Carolina's Low-Income Communities. Today, The Innovate Fund has deployed nearly $160 million of NMTC investments to transactions that support 3,370 jobs, provide community goods and services to over 66,000 Low-Income Community residents and Low-Income Persons, and created or rehabilitated over 1.6 million square feet of real estate in South Carolina. The community demographics of The Innovate Fund's current investment portfolio consist of poverty rates as high as 66%, median family income as low as 14.24% of the statewide median family income, and unemployment levels as high as 23.7%. For complete information, please visit our website at www.theinnovatefund.com.
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SOURCE The Innovate Fund