In the latest legislative session, Arkansas lawmakers passed a measure touted as a jobs creator, the New Market Tax Credits. The bill encouraged private sector investment in small businesses, particularly in low-income regions, by providing tax credits tied to private capital investments including at existing businesses. On Tuesday (July 9), Heartland Renaissance Fund, an affiliate of The Arkansas Capital Corporation Group, said it will provide $10 million in New Markets Tax Credits to SGL Group’s Ozark, Ark. manufacturing facility. [Read more…]
CDFI Fund Releases Public Data on New Markets Tax Credit Investments
New Markets Tax Credits were utilized in over 2,600 businesses and 3,990 real estate investments across the country between 2003 and 2011, the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) released today. In addition, over 75 percent of the tax credits were invested in census tracts that met one of three indicators of “severe distress,” such as lower incomes, higher rates of poverty, or higher unemployment rates—criteria greater than the minimum requirements for the New Markets Tax Credit Program. [Read more…]
Does your project qualify for NMTC funding?
One of the first questions we often hear from prospective borrowers is “Can I use New Markets Tax Credits for my project?” The NMTC program is a very powerful incentive to attract private capital for the right projects. To understand if the NMTC incentive is a good fit for your project one of the first questions you should ask is: [Read more…]
NMTC Program Extended for Two Years by American Taxpayer Relief Act
On January 2, 2013, President Barack Obama signed the American Taxpayer Relief Act of 2012 (H.R. 8) into law which, in addition to addressing other “fiscal cliff” issues, extends the New Markets Tax Credit (“NMTC”) Program for two years. The Act provides for an annual maximum limit on allowable qualified equity investment of $3.5 billion for each year, mirroring the limits in 2010 and 2011. [Read more…]
Northwest Arkansas Hotel Reopens as Chancellor Hotel
Heartland is proud to announce the grand opening of the Chancellor Hotel in downtown Fayetteville, Arkansas. The ribbon cutting was held on Friday, September 14. Read our press release to learn more. If you would like to see photos of the newly-renovated hotel, the Fayeteville Flyer has a great gallery from the ribbon cutting. The Chancellor was also featured on Arkansas Business’s website. [Read more…]
Mann on Main Sparks Redevelopment
Following the start of renovations on the Mann Building, a Heartland Renaissance Fund project, redevelopment on Downtown Little Rock’s Main Street is booming. Arkansas Business quotes Mayor Mark Stodola as saying that seven Main Street structures are currently under contract for redevelopment. [Read more…]
Heartland Renaissance Fund a Rock Star for ACCG
Heartland was featured in Arkansas Business this week. The article highlights the success of Heartland and the hard work and dedication of its team. The New Markets Tax Credit application process is very competitive yet Heartland received $185 million in tax credits between 2008 and 2011. [Read more…]
Little Rock Main Street Building to Get New Life
Heartland Renaissance Fund announced today the allocation of new market tax credits to Blass Property, LLC, a renovation project of the historic Blass Building in Little Rock. The seven-story building and its three-level annex building will be renovated for mixed use including offices, retail space, and residential lofts. This is the first project to combine the use of historic tax credits and new market tax credits in Arkansas. [Read more…]
New Markets Tax Credit Transactions Across the Nation
The New Markets Tax Credit program has been used to facilitate financing for a wide range of projects within eligible census tracts. The Department of Treasury released its November Report showing the programs investment results. Here are sample projects that recently secured financing supported by the New Markets Tax Credit Program: [Read more…]
Arkansas Math & Science School Holds Ribbon Cutting for New Residence Hall & Student Center
The Grand Opening for the Student Center and Residence Halls at the Arkansas School for Mathematics, Science, and the Arts was today in Hot Springs. Construction on the new facilities started nearly two years ago and was funded in part by New Market Tax Credits allocated by Heartland Renaissance Fund. Read more about the project here.
Arkansas Math & Science School
New residential facilities have been constructed for the Arkansas School for Mathematics, Sciences and the Arts in Hot Springs by partnering with Bank of the Ozarks, the Heartland Renaissance Fund (HRF), Governor Beebe’s contributed stimulus funds, and the University of Arkansas School System. The students at the Math and Science School were residing in an old hospital that had been re-purposed as a dormitory. Unfortunately, the building had many of the issues that come with an older structure and was in need of being updated or replaced. With the help of the above partners and the New Market Tax Credit Program (NMTC), Delta Student Housing was able to build new residential facilities, a project totaling approximately $15 million dollars.
NMTC Featured as a Resource for Projects
The March 2012 issue of The Practical Real Estate Lawyer discusses the role of New Market Tax Credits when investors and capital are scarce. Community development entities, such as Heartland Renaissance Fund, can bridge the gap and help make projects that might be on the fence a reality. [Read more…]