Heartland Renaissance Fund (HRF) announced today that it is financing a research and manufacturing facility that will also serve as a headquarters for BioBased Technologies using New Market Tax Credits (NMTC). The new facility is located on land previously owned by the City of Fayetteville which was used as a utility maintenance facility. According to BioBased’s website, by repurposing the land as opposed to clearing new land, BioBased was able able to, “redevelop an existing site in an area of Fayetteville that has been identified for increased development.” BioBased Technologies is a leader in sales of bio-based spray polyurethane foam insulation and sealants. The company aims to market products that reduce the use of non-renewable resources by improving energy efficiency or incorporating renewable ingredients. The New Markets Tax Credit (NMTC) Program was established in 2000 as part of the Community Renewal Tax Relief Act. The goal of the program is to spur revitalization efforts of low-income and other communities underserved by traditional capital across the United States and Territories. The NMTC Program provides tax credit incentives to investors for equity investments in certified Community Development Entities, such as Heartland Renaissance, which invest in low-income communities and projects.
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