TCB invests New Markets tax credits in four cities
Pittsburgh, PA — The Community Builders, Inc.(TCB), a nonprofit developer of mixed-use and mixed income housing has announced the allocation of $16 million in New Markets Tax Credits (NMTC), received in 2015 to four neighborhood improvement projects in Cincinnati,OH; Durham, NJ; Pittsburgh, PA and Worcester, MA.
“We are proud of our ability to use New Markets Tax Credits to address the needs of these communities and we look forward to continuing to work with the CDFI fund on its NMTC program,” said Bart Mitchell, TCB president and CEO.TCB is committed to strengthening communities in ways beyond housing. Its four most recent NMTC investments will provide local residents with access to transportation, education and green space—just a few of the things that make a good neighborhood great.
In Pittsburgh, a $6 million dollar allocation will go towards the second phase of development of the East Liberty Transit Center which is well underway. The new state of the art multimodal transit hub includes the construction of 43,000 s/f of commercial space and 357 housing units. A $5 million NMTC investment went to phase one, the transit infrastructure.Ziegler Park in Cincinnati is a community amenity for residents of the Over-the-Rhine and Pendleton neighborhoods in need of revitalization. A $4 million tax credit investment will transform the existing park, along with an adjacent parking lot, into a larger, multi-use recreational park featuring a renovated swimming pool, basketball courts and children’s playground. A $3.2 million allocation from TCB’s 2015 award and $2.5 million from an earlier round are slated for the first phase of the redevelopment of an historic former school building in Durham. The new KIPP Durham College Preparatory School will be an educational facility with classrooms, a gymnasium, an auditorium, a playground and administrative offices. A $2.8 million allocation is designated for the construction of a 36,000 s/f Alumni and Student Engagement center at Clark University in Worcester. The project will anchor revitalization efforts in the Main Street neighborhood, further strengthening the partnership between Clark University and the community. All four NMTC investments are within three miles of a TCB community and will add 953 construction jobs and 251 permanent jobs.