New Markets Tax Credits
CAHEC created CAHEC New Markets, LLC, to focus on utilizing our New Markets Tax Credit allocations to help finance community facility projects throughout the Southeast. We have been awarded a total of $170 million in allocations from the U.S. Department of the Treasury’s CDFI Fund since it was enacted in 2000.
Additionally, CAHEC New Markets investments are eligible for our New Markets Community Grant, a one-time grant designed to help further an investment’s positive community impact.
CAHEC New Markets funds have helped finance:
- The adaptive reuse of underutilized and vacant historic buildings into adult day care centers with medical facilities and affordable housing
- A new construction, 85,000 square foot, medical school and free community clinic
- The construction of a charter school for middle and high school students
- A new construction pediatric outpatient medical facility
- A warehouse and food distribution center that created over 150 new full-time jobs in a distressed rural community
- The adaptive reuse of a commercial building into a 125-room hotel and contemporary art museum
- A 1.5 million square foot new construction facility, housing a distribution center as well as retail and outlet stores, it is estimated that this project will generate approximately 320 new full-time jobs
Enacted in 2000, the New Markets Tax Credits program is designed to stimulate economic and community development and job creation in low-income communities by attracting investment capital from the private sector. Taxpayers invest equity capital in qualified CDEs in exchange for a credit against their federal income taxes. In turn, CDEs are required to invest the proceeds in low-income communities, areas that traditionally have not attracted the attention of venture capitalists.
In accordance with federal law and U.S. Department of the Treasury policy, this institution is prohibited from discriminating on the basis of race, color, national origin, sex, age, or disability. To file a complaint of discrimination, write to Department of the Treasury, Office of Civil Rights and Diversity, 1500 Pennsylvania Ave. NW, Washington, D.C. 20220 or call (202) 622-1160.