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NMTC Success Stories: The Credit at Work in Communities Across America MODERATOR PANELISTS
Tom Fantin Novogradac & Company LLP
Kermit Billups Greenline Ventures
Marie Cervay Bank of America Merrill Lynch
William Fiederlein NTCIC
Spencer Gagnet Capital One
Chris Sears SunTrust
Chimeka Gladney Enterprise Community Investment, Inc.
NMTC Success Stories: The Credit at Work in Communities Across America
KERMIT BILLUPS Greenline Ventures
NMTC Success Stories: The Credit at Work in Communities Across America
MARIE CERVAY Bank of America Merrill Lynch
Atlantic Avenue Industrial Center – Brooklyn, New York
• $14M renovation of 50,000 SF former auto parts warehouse in Crown Heights –$12.5M - ESIC ($7.5M) and BofA CDE ($5M)
• Create 50 and retain 24 living wage jobs for the 14 manufacturing tenants making an average of $43,000 per year –Tenants include woodworking, small-scale manufacturing and fine art and design
• Preservation of transit-oriented, affordable manufacturing space in an area experiencing large-scale conversion of industrial space into residential use
Lotus Village - Miami, Florida
• Bright Spirit Children's Wellness Center
• Lotus Health and Wellness Clinic • Commercial kitchen • Community pavilion • Holistic programming spaces
• New construction of $28M 100,000 SF comprehensive homeless services facility for women, families, and children – $26.5M allocation - FLCL ($13.5M), ESIC ($9M) and BofA CDE ($4M) – Poverty Rate 42%, Median Income 39%, 2.4x Unemployment Rate
• 140 campus-style living units, accommodating approximately 490 women, youth, and children
Lotus Village - Miami, Florida • Dedicated to improving the
lives of poor, disadvantaged and homeless women, youth and children
• 250 women and children on a daily basis – Permitted to live free up to a
year • Serve over 450 women and
children on an annual basis • 98 full time employees
NMTC Success Stories: The Credit at Work in Communities Across America
WILLIAM FIEDERLEIN National Trust Community Investment Corporation
KIPP Durham – Durham, NC
Allocatees: NTCIC & Community Builders Total Project Cost: $13.8M NMTC Allocation: $13.2M
KIPP Durham – Durham, NC
• Jobs – 25 Construction – 68 FTE at the School
• Students
– 600 students across six grades
– 80% Free/Reduced Lunch and 90% minority
COMMUNITY IMPACTS
• Below Market Rent – Developer (SHVF) charging 30%
below market rent to KIPP
NMTC Success Stories: The Credit at Work in Communities Across America
SPENCER GAGNET Capital One
NMTC Success Stories: The Credit at Work in Communities Across America
CHIMEKA GLADNEY Enterprise Community Investment Inc.
Baltimore’s Remington Neighborhood
2007
Remington I • New construction of a 5-story, $40MM mixed-use building • $30MM of NMTCs from Enterprise($15MM), LIIF ($10MM)
and Bank of America ($5MM). Bank of America also NMTC investor and lender. Developer was Seawall Development.
• 250k sq ft building – 108 apartments (20% affordable) – 30k sq ft health center – 15 sq ft of community serving retail
• 200 construction jobs, 165 permanent jobs
Remington I
R. House / Remington II • Renovation of a 2-story building in food market and office space • $11.7MM total development costs • $11MM of NMTCs from Enterprise. US Bank was NMTC investor.
Debt from Enterprise Community Loan Fund, MD DHCD, developer. Developer was Seawall Development.
• 15,000 sq ft retail; 25,000 sq ft office – 10 food vendors, movement studio
• 100 construction jobs, 75 FTE permanent jobs, 45 part-time jobs
R. House / Remington II
NMTC Success Stories: The Credit at Work in Communities Across America
CHRIS SEARS SunTrust
Crosstown Concourse - Memphis, TN
Crosstown Concourse - Memphis, TN
Jobs – 500 Direct, Permanent FTE
Jobs with 400 Retained • 450 Quality Jobs
– Health Benefits, 401(k), Opportunities for Advancement, etc.
• 120 FTE Jobs to Low-Income Persons or LIC Residents
– 1,000 Construction Jobs – 25% of Construction Contracts
to M/WBE
Community Goods/Services – 48% of Project occupied by
charitable or non-profit tenants
– Healthcare Tenants • 75,000 Patients/year,
60,000 of which are LIP or residents of a LIC
– Education Tenants • 2,500 students/year, 1,750
of which are LIP or residents of a LIC
COMMUNITY IMPACTS
Crosstown Concourse - Memphis, TN
• Affordable Housing – 20% of the 260 apartment
units are restricted to 80% AMI households
• Environmentally Sustainable – 1st Project pursuing LEED
Platinum in the City of Memphis
• Flexible Lease Rates – 20% below market for some
tenants
COMMUNITY IMPACTS
• Goodwill Excel Center – Free adult charter
school for adults ages 18-64
– Accredited high school diploma for free
– Registered students provided access to free childcare
Recleim – Graniteville, SC
Grady Emergency Department – Atlanta, GA
NMTC Success Stories: The Credit at Work in Communities Across America MODERATOR PANELISTS
Tom Fantin Novogradac & Company LLP
Kermit Billups Greenline Ventures
Marie Cervay Bank of America Merrill Lynch
William Fiederlein NTCIC
Spencer Gagnet Capital One
Chris Sears SunTrust
Chimeka Gladney Enterprise Community Investment, Inc.