The U.S. Treasury announced today that Arkansas-based Heartland Renaissance Fund  will receive $70 million in Federal New Market Tax Credits, which will be used to stimulate investment in healthcare, education and economic development projects in Arkansas. Donna Gambrell, director of the Community Development Financial Institutions Fund (CDFI Fund)  and Sen. Blanche Lincoln made the announcement today at the offices of the Heartland Renaissance Fund in Little Rock. Heartland is a member of the Arkansas Capital Corporation Group and is designated a Community Development Entity by the CDFI Fund. The U.S. Department of the Treasury will announce New Market Tax Credit awards for the rest of the United States next week. [Read more…]

Speaking today alongside U.S. Senator Blanche Lincoln and U.S Senator Mark Pryor, the Director of the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund), Donna J. Gambrell, announced an award of $70 million in tax credit allocation authority that will spur private-sector investment in the economically distressed communities of Arkansas. Heartland Renaissance Fund (HRF) a subsidiary of Arkansas Capital Corporation, was awarded the $70 million in tax credits under the 2009 round of the New Markets Tax Credits (NMTC) Program. The national award announcement for the full $5 billion in NMTCs available under the 2009 round will be made late next week. [Read more…]

Heartland Renaissance Fund received a $15 million allocation of New Market Tax Credits during the 2004 round for use within Arkansas.  We worked with financial institutions in Arkansas to finance four projects. In June 2005, financing was provided to construct a 30,000 square foot medical office building.  This facility provides office and retail space for health-related entities within a highly distressed medically under served area of Arkansas. [Read more…]

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.” [Read more…]

Heartland Renaissance Fund (HRF) announced today that New Market Tax Credits (NMTC) have been allocated to a project in Clinton, Arkansas. The project, developed by Burnt Ridge Enterprises, will include a 30,000 square foot medical office facility on Highway 65 South. The New Markets Tax Credit (NMTC) Program was established as part of the Community Renewal Tax Relief Act of 2000. 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 Fund (HRF), which invest in low-income communities and projects.