The Innovate Fund Wins $60 million in New Markets Tax Credits
GREENVILLE, S.C., May 28, 2019 /PRNewswire/ -- The Innovate Fund, a South Carolina based Community Development Entity (CDE) managed by taxadvantagegroup and Greenville Local Development Corporation, is excited to announce it was awarded a $60 million allocation of New Markets Tax Credits (NMTCs) by the Community Development Financial Institution Fund (CDFI Fund) of the U.S. Department of the Treasury. The funds will help finance economic and community development projects in Low-Income Communities across South Carolina.
With tremendous support from U.S. Senators Tim Scott and Lindsey Graham, The Innovate Fund secured its 5th NMTC award during this year's round of funding, bringing its total NMTC allocation amount to $277 million. The CDFI Fund released $3.5 billion in NMTC awards nationwide on May 23, 2019. The purpose of the federally funded NMTC program is to stimulate new investment in Disadvantaged Businesses and Low-Income Communities with high levels of poverty and unemployment.
"The Innovate Fund will use the $60 million NMTC award to work with operating businesses, community organizations, and real estate developers who will either create jobs, improve health and wellness outcomes, or catalyze further economic development in Low-Income Communities in South Carolina" said David Barnett, The Innovate Fund Board Chair and Greenville Market President for Carolina Alliance Bank Division of The Park National Bank.
"We are dedicated to transforming South Carolina's hardest hit communities and with this award, we will be able to fund projects from the Upstate to the Lowcountry - in our cities and our rural areas - in an effort to lift up the communities across the state most in need" said Whitney Ferguson, The Innovate Fund Program Manager.
Organizations interested in applying for funds should contact The Innovate Fund Program Manager, Whitney Ferguson at (864) 271-2737 or [email protected].
About The Innovate Fund
Established in 2004, The Innovate Fund and affiliates were created to provide federal New Markets Tax Credit (NMTC) financing for Disadvantaged Businesses and Communities located in South Carolina's Low-Income Communities. Today, The Innovate Fund has deployed $217 million of NMTC investments to transactions that support 4,453 jobs, provide community goods and services to almost 67,000 Low-Income Community residents and Low-Income Persons, and created or rehabilitated over 2 million square feet of real estate in South Carolina. The community demographics of The Innovate Fund's current investment portfolio consist of poverty rates as high as 67%, median family income as low as 14% of the statewide median family income, and unemployment rates as high as 26%. For complete information, please visit our website at www.theinnovatefund.com.
Media Contact:
Whitney Ferguson
(864) 271-2737
[email protected]
SOURCE The Innovate Fund
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