A local organization is looking for opportunities to deploy $55 million in tax credits.
AltCap, Kansas City, Mo.’s only mission-driven Community Development Financial Institution (CDFI), is seeking proposals from operating businesses, real estate entities and nonprofits seeking financing assistance for job-creating investments or community-driven real estate development projects.
Eligible investments or project financing requests must be $5 million or more. The deadline to submit proposals is 5 p.m. March 19.
Funding is provided by New Market Tax Credits (NMTC), facilitated by AltCap, in support of improving economically depressed areas that meet or are below the the following criteria:
- a poverty rate greater than 30 percent
- median family income less than 60 percent of the area median family income
- an unemployment rate at least 1.5 times the national average
Applicants can further research an areas’ eligibility through the NMTC Mapping Tool.
Preference will be given to proposals that focus on low-income communities, as well as real estate projects that support or promote infill, historic rehab, green design, and building/construction practices. Investment eligibility includes capital expenditures, rehab or improvements to existing facilities, some working capital, and debt refinancing.
AltCap’s NMTC have facilitated financing for companies including Sioux Chief and A. Zahner Co., as well as real estate projects such as Plexpod @ Westport Commons and the Linwood YMCA.
Learn more at www.alt-cap.org/nmtc.