New Markets Tax Credits Success StoriesNew Markets Tax Credits Restores Louisville's Oldest Downtown Building Howard Hardy, LLCLouisville's oldest downtown building is being restored as a result of a New Markets Tax Credits transaction. The structure, shown above, is located at the corner of Liberty and Second Streets, adjacent to Christ Church Cathedral. Howard Hardy, LLC, was established to purchase and restore this property, the former site of the historic Miller Cafeteria. NMTC funds are being used to renovate the space and lease offices to the architectural firm of John Milner & Associates. With NMTC provided by CVC, Christ Church secured additional funds through National City Bank to build a four-story, low-income housing complex. National City agreed to take the tax credits, but without CVC's involvement, the bank would not have moved forward. Leasing these offices will provide income to support the church's other ministries. ($1,000,000)
New Markets Tax Credits Funds Condos in Revitalized Lexington Neighborhood American Legion Hall
Artek, LLC
This project, located on Lexington's Old Georgetown Street, is centered at the American Legion building. Developers are turning the American Legion Hall into office condominiums.
CVC's involvement with NMTC spurred National City Bank to finance an additional 27-unit condominium complex on the adjacent property. CVC financed the business side for the office complex. Again, due to CVC's participation, National City agreed to finance the balance of the project for an additional $3.7 million dollars. This project will directly impact a blighted inner city neighborhood through job creation, new housing opportunities and relocation of businesses to the area. ($485,000)
New Markets Tax Credits Revitalizes Louisville Restaurant LandmarkThe New Jay's Cafeteria and Catering
Five Thousand Fed Ministries, LLC
A Louisville landmark for 30 years, the old restaurant closed for six months in 2005 ntil a partnership between two faith-based nonprofits - Parkland Church of God and Mt. Herman Baptist Church - enabled Jay's to reopen near its original location in a primarily African American neighborhood. The restaurant now employs 29 people. New Markets Tax Credits funds revitalized the business and the area. ($725,000)
New Markets Tax Credits go rural in KentuckyA new 42,000-square-foot Science Center under construction at Lindsey Wilson College (LWC) is slated for completion by August 1. The $9 million project is financed jointly with participation of The First National Bank of Columbia and US Bank with New Markets Tax Credits provided by CVC through an allocation awarded by the CDFI Fund, Washington, D.C. The project is generating 120 local full-time jobs over a 140month building phase. In a federally designated Appalachian county, LWC primarily serves 10 South-central Kentucky counties. In addition to adding state-of-the-art equipment, LWC will soon employ a chemist, an environmental scientist, a Masters level science lab technician as well as housekeeping and maintenance staff to support the facility. The college also expects to add 14 new science/math area teachers during the coming seven years. By producing better qualified math and science teachers, LWC's new Science Center will help address area employment needs. LWC currently generates more math/education graduates than any other Kentucky college. Already, LWC students make up more than 16 percent of Kentucky's math/education majors.
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