Open Avenues Builds New Headquarters With Assistance of New Market Tax Credits

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Open Avenues, a 501(c) that fosters independent living and work skills for disabled adults, has constructed a new headquarters in Rogers, AR with the assistance of the Heartland Renaissance Fund (HRF) and the New Market Tax Credit (NMTC) Program. The new building serves as the headquarters as well as the life skills facility for Open Avenues. [Read more…]

NMTC and 2010 in Review

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A quick primer on the biggest news in New Market Tax Credits in 2010. Michael Novogradac reviews 2010 highlights regarding the New Markets Tax Credit and touches upon what is/is not expected for 2011 as part of the Novogradac Tax Credit Tuesday podcast series. [Read more…]

Arkansas Baptist College Plans $18 Million Expansion

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Arkansas Baptist College announced plans today for an $18 million expansion of its campus just south of downtown Little Rock. The college plans to build a new education building, expand the cafeteria from 77 seats to 322, build a new 190-bed residence hall, buy land around the campus to prepare for future growth and build a community union that will include a coffee shop, a lounge-study area, a food court, a conference room, office space and student apartments. [Read more…]

Arkansas Baptist College Plans $18 Million Investment for Expansion

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Arkansas Baptist College announced Thursday that it will invest $18 million to expand its Little Rock campus by adding a new residence hall and general education building and purchasing nearby real estate for future growth. The college said First Security Bank of Little Rock, supported by federal tax credits, is providing financing for the expansion. “This is a significant expansion that will allow us to continue growing our enrollment, and creating new educational and economic opportunities for those who need it the most, but often have the most difficult time gaining access to it,” Dr. Fitz Hill, president of Arkansas Baptist College, said in a news release. [Read more…]

Arkansas Baptist College Receives $18 Million Expansion

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Buffalo Development, LLCNot long ago, the enrollment level at Arkansas Baptist College was around 300 students. The college facilities were neither updated nor plentiful, and there was not enough housing available for the students on campus. Because of the situation wit the facilities, students were being housed in motels and shuttled back and forth to campus. Some classes were even being housed in motels and shuttled back and forth to campus. Some classes were even being held at a local middle school. US Bank, First Security Bank, and Heartland Renaissance Fund (HRF) came together and utilized the New Market Tax Credit program to provide $20.1 million dollars to renovate Old Main, construct new dorms, build new classrooms, and purchase abandoned houses in the surrounding area. This project re-created the college experience for Arkansas Baptist’s students, and the college was able to reduce costs they had been incurring from housing students off-site. Currently, the enrollment level at the college is near 1,200 students which is an increase of 900 students.

Disaster Biodiesel Bill Passes Senate

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On Wednesday (March 10), the Senate passed the “American Workers, State, and Business Relief Act of 2010.” Besides providing $1.5 billion in disaster funds for agriculture, the bill would reinstate vital tax credits for the biodiesel industry that expired last December. The bill must still be reconciled with similar House legislation. “This past week we’ve had a lot of discussions with people from other regions of the country asking why the South needs a disaster program on top of the ones we have under permanent legislation,” said Richard Bell, Arkansas Secretary of Agriculture, during a conference call set up by Arkansas Sen. Blanche Lincoln. “The answer is rather simple: because we’re different. The legislation that’s just passed will fill the gaps in the 2008 farm bill and will be a big plus for us.”  [Read more…]