TAG by Cherry Bekaert Expands Activity with the Strategic Addition of Scott Scheffy
RICHMOND, Va., Feb. 22, 2021 /PRNewswire/ -- TAG by Cherry Bekaert, a practice specializing in the New Markets Tax ("NMTC") Credit, Historic Tax Credit ("HTC"), and other capital services, is pleased to welcome Scott Scheffy to join as a manager for the Southeast U.S.
The recent five-year extension of the NMTC Program of $5 billion in NMTC authority allows TAG by Cherry Bekaert to strategically grow its practice across the U.S. As a leader in the NMTC industry, Scott's role will serve to expand and grow TAG's service area, with a focus on Southeast states, including: Florida, Louisiana, Alabama, Mississippi, and Texas. Scott's primary industry focus will be in Healthcare, Non-Profit and Private Equity.
"We are excited to have Scott join the firm and apply his more than 15 years of passion and broad knowledge to support continued growth and expansion across the Southeast. Increasing resources in this area will enable us to reach additional disadvantaged businesses and communities through helping projects secure funding through the NMTC Program, the HTC Program, and others," said Tammy Propst, Managing Director of TAG by Cherry Bekaert.
Scott brings a wealth of experience having successfully closed more than $340 million of investment, including $198 million in federal NMTC allocations and over $50 million in state NMTC allocation deals. He was also integral in third-party NMTC investments totaling more than $90 million. Scott's efforts have resulted in the creation of 6,954 direct jobs, access to healthy food for 9,527 low-income community residents, and the construction of more than 125 units of affordable housing.
Prior to joining Cherry Bekaert, Scott managed structuring, compliance, reporting, and monitoring tax credit transactions at Hancock Whitney Bank/Hancock Whitney New Markets Fund for 15 years. He was also instrumental in the formation of five Opportunity Zone funds totaling $40 million, which invested into four Low-Income Housing Tax Credit transactions across Mississippi, Florida, Louisiana, and Texas.
TAG by Cherry Bekaert has structured and facilitated NMTC investments totaling $918 million to 76 businesses, non-profits and real estate developments across the United States. The funds leverage over $2.2 billion in combined project costs. To date, TAG's portfolio has created 23,596 direct jobs, served over 612,000 residents through its non-profit investments, and helped create over 8.9 million square feet of new and improved commercial and industrial real estate.
About Tax Advantage Group by Cherry Bekaert
Tax Advantage Group by Cherry Bekaert specializes in New Markets Tax Credits, and other capital sources, helping non-profit and for-profit organizations access capital and transform communities. In addition to managing $545 million of NMTC assets, and drafting over $1 billion in successful NMTC Applications, since 2004 TAG has played an instrumental role in securing funding for over $1.5 billion for community and economic development projects across the United States.
SOURCE Cherry Bekaert LLP
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