October 27, 2014
Oct. 23, 2014
FOR IMMEDIATE RELEASE
THE NOVOGRADAC JOURNAL OF TAX CREDITS HONORS SPECIAL ACHIEVEMENT IN COMMUNITY DEVELOPMENT
National New Markets Fund and Chase New Markets Corporation
Honored at Novogradac New Markets Tax Credit Conference
NEW ORLEANS –National New Markets Fund and Chase New Markets Corporation received honorable mention for the 2014 Novogradac Journal of Tax Credits Community Development Awards, which were presented today at the Novogradac New Markets Tax Credit Conference at the Roosevelt Hotel in New Orleans, La. National New Markets Fund and Chase New Markets Corporation were recognized in the small business category for their investment in the Michigan Renewable Carbon (MRC) project in Gwinn, Mich.
MRC is a $24 million biomass facility located on the former K.I. Sawyer Air Force Base. The investment added two reactors for expanded commercial production in early 2014 and moved the existing research and development laboratory into a repurposed hangar. Biogenic Reagents LLC, the project sponsor, secured a $15.8 million loan, $5.8 million in new markets tax credit (NMTC) equity, a $2 million grant from the Michigan Strategic Fund and $400,000 from the Michigan Green Carbon Corporation. The Lake Superior Community Partnership (LSCP) provided gap financing and introduced Work Opportunity Tax Credits to the project. Project partners estimate 45 direct permanent jobs were created at the facility, in addition to jobs indirectly created in the wood products, transportation and construction industries.
“The New Markets Tax Credit program is one of the most dynamic resources available for bringing capital to communities that need it the most,” said Brad Elphick, CPA, conference chairman and partner of Novogradac & Company LLP’s Atlanta, Ga. metro office. “Winners of the Community Development Awards demonstrate what can be achieved when public and private partners unite to improve the nation’s communities.”
The Community Development Awards were presented to community development entities (CDEs) that made exceptional qualified low-income community investments (QLICIs) in the past year.
Projects honored had NMTC funding transactions that closed in 2013 or 2014. Awardees were recognized in give categories: small business, operating business, real estate, metro and non-metro. Full descriptions of the 11 developments recognized at the Community Development Awards are available at https://www.novoco.com/awards/community_development/index.php.
The Novogradac Journal of Tax Credits provides news, analysis and commentary on the affordable housing, new markets, renewable energy and historic rehabilitation tax credit industries. This comprehensive 80-page publication features columns written by industry experts, Q&As on technical tax credit issues, features about tax credit developments and more, all informed by Novogradac and Company’s 25 years of experience on the front lines of the tax credit industry.
Novogradac began operations in 1989, and the allied group of Novogradac companies has since grown to more than 500 employees and partners with offices in San Francisco and Long Beach, Calif.; the Washington, D.C., Atlanta, Ga., Detroit, Mich., Kansas City, Mo. and Seattle, Wash. metro areas; St. Louis, Mo., Boston, Mass.; Austin, Texas; Dover, Columbus and Cleveland, Ohio; New York, N.Y.; Portland, Ore.; Naples, Fla. and Chicago, Ill. Specialty practice areas include tax, audit and consulting services for tax-credit-assisted multifamily and affordable housing, community revitalization, rehabilitation of historic properties and renewable energy developments.
For more information about the Novogradac Journal of Tax Credits Community Development Awards, please contact Teri Baker at (415) 356-7995 or by email at Teri.Baker@novoco.com.