CHICAGO — Green Era Campus and Mariano’s are celebrating 1 million pounds of food waste recycled into renewable energy and nutrient-rich compost. The partnership began in 2023 at the Mariano’s Evergreen Park location and eventually expanded to the Oak Lawn location as well.
The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) announced today that it received 216 applications for the calendar year (CY) 2024-2025 round of the New Markets Tax Credit Program (NMTC Program). The NMTC Program advances economic development in economically distressed communities by making tax credit allocations available to Community Development Entities (CDEs) for targeted investments in eligible areas.
Jesse Owens was a record-breaking athlete who gained international fame, breaking barriers in the 1936 Olympics. Owens spent his final years in the Valley and one of his final forms of advocacy, the Jesse Owens Clinic, still stands in South Phoenix near Central and Baseline. For the past 7 months, construction crews have been hard at work renovating it. It will soon serve as Mountain Park Health Center’s newest primary care facility that will include some important touches to Owens’ spirit. Utilizing New Markets Tax Credit allocation from Raza Development Fund, MPHC will transform the existing 18,000 SF building into a state-of-the-art 22,000 SF medical facility.
The American Bankers Association today expressed support for a bipartisan bill to permanently extend a tax credit created to attract private investment in distressed communities. The New Markets Tax Credit Extension Act in the House [H.R. 1103] and Senate [S. 479] would further enable banks and other stakeholders to deliver substantial investment and promote greater economic growth in economically distressed rural, urban and tribal communities, ABA said in a letter to the bill’s sponsors. Currently, the tax credit is scheduled to expire at the end of the year. “By making NMTCs permanent, our nation’s small businesses, investors and community development professionals will have consistent access to the vital resources needed to improve our nation’s communities while generating long-term economic growth throughout the country,” ABA said.
Tax Credit Advisor - Last year, Quaker Windows and Doors closed into a $25 million NMTC allocation, which was needed for its third phase of expansion and growth of its manufacturing facilities in Eldon, MO, enabling additional economic revitalization. NMTC allocations were made by CEI Capital Management and Heartland Renaissance Fund, an offshoot of Arkansas Capital, which functions as a Community Development Entity (CDE) connecting projects with NMTCs. Dudley Ventures/Valley Bank provided the NMTC equity investment. Additional funding came from the Missouri Works program, which provides tax credits for projects that create jobs in the state.
Global, family-owned food company Rich Products will celebrate the worldwide philanthropic movement Giving Tuesday on Dec. 3 with the donation of eight grants of $10,000 each to local/regional and global food-related nonprofits that support different elements of the food system - from hunger and food insecurity to sustainable sourcing and food waste. The donations, totaling $80,000 as a nod to Rich's impending 80th anniversary in 2025, will be disseminated from the Rich Family Foundation, the philanthropic arm of Rich Products. The initiative is a part of Rich's Generations of Good commitment, which reflects the company's dedication to social and environmental sustainability.
PBS’ WHYY recently featured Purpose Built Communities’ Network Member REACH Riverside Development Corporation and The WRK Group in a documentary entitled “Resurrecting Riverside.” CEO Logan Herring of REACH Riverside reminds us that neighborhoods like Riverside can achieve holistic revitalization to not only survive but thrive and remain vibrant communities.
With the cost of living continuing to rise, in a significant boost to affordable housing in Detroit, city officials, including LISC Detroit, Invest Detroit, and members of the City Council, celebrated the grand opening of “The Ribbon,” a groundbreaking multi-use development by local developer Edward Carrington of Flux City Development. This $8.2 million project, the largest along the E. Warren Ave. corridor in decades, adds 18 new affordable housing units to the city’s growing inventory, marking a pivotal step in addressing the community’s housing needs.
A former Kmart in Abingdon is now home to a workforce development and child care hub launched by EO, a nonprofit that spun off from the United Way of Southwest Virginia to oversee workforce development programs. EO received the certificate of occupancy for the 87,000-square-foot Regional Workforce and Child Development Hub and began moving employees into the center at the end of August, a week earlier than anticipated, says Mary Anne Holbrook, EO’s vice president of development. By mid-September, all 44 EO employees had moved in. A grand opening celebration is set for the week of Oct. 21.