New Markets Tax Credit Loans
This U.S. Department of the Treasury program helps attract private sector capital investment into The Village to help finance community development projects, stimulate economic growth, and create jobs.
A $15-million NMTC loan, made by Clearinghouse CDFI through an investment by Wells Fargo Bank, kept the cost of developing Market Creek Plaza low, leaving more money in the community and freeing foundation funds to support more community development work. The Plaza employs more than 200 people, more than half from the community. The NMTC loan was critical to the success of the Community-Development Initial Public Offering that transferred partial ownership of the Plaza to 415 community investors.
Construction of the Joe & Vi Jacobs Center was funded by an additional $15-million NMTC investment from Clearinghouse CDFI through an investment by U.S. Bank and Chase. The center, which opened in May 2008, will employ an additional 200 people.
