Creating jobs and building community in underserved markets
Grow America uses the Federal New Markets Tax Credit Program to provide innovative and flexible financing to the most severely distressed census tracts in communities across America.
We help those communities structure financing for their projects, provide allocation to qualified projects, and find necessary additional financing through our relationships with other New Markets Tax Credit partners to bring additional allocation beyond our own. Our strong relationships with NMTC investors and our work as a Technical Assistance provider gives us a background in working with both public and private financing tools and ensures that our projects get done and bring investment, jobs and much needed goods and services to low income people and their communities.
Our New Markets Tax Credit Program
- Total Allocation: $849 Million
- Total Projects: 106 projects in 29 states; 17 in rural areas
- Minority and/or women owned: 25 projects/73% of projects funded in last 5 years are BIPOC owned/controlled
- Square Feet Developed:10,443,692 plus 11.6 acres of solar panels
- Leveraged Investments: $2.52 Billion
- Jobs Created and Retained: 18,160
- Construction Jobs Created: 11,220
If you have a NMTC Project looking for financing, please get in touch to request Grow America NMTC Intake Forms at NMTC_Intake@growamerica.org.
Case study: Sola/Model Z, Los Angeles, CA
The Sola/Model Z project is a minority-owned manufacturing/industrial project that will focus on producing high-quality, affordable housing modular units. At capacity, the factory will be able to produce over 1,000 modular units per year.
The units produced at the factory will have plumbing, electrical, finishes and even appliances installed. The modular units will be trucked to the development sites where the units will be stacked and connected to create multi-family affordable housing. The modular unit approach produces many positive environmental and social impacts, including a reduction of greenhouse gas emissions, material waste savings, worker health and safety advantages, and skilled jobs training. Compared to traditional construction, a 100-unit modular project saves over 400,000 lbs. of building materials and produces 40% less waste and carbon emissions.
Grow America’s $6.0 million Qualified Equity Investment in the $19.2 million project was combined with financing from Prestamos resulting in 312 retained/created jobs.
Case study: The Franklin Cummings Technical Institute, Roxbury, MA
The Franklin Cummings Technical Institute (FCTech) project is a minority-controlled non profit education/community facility. The new construction of a Gold LEED-certified three-story building will contain multi-purpose classroom space, tutoring rooms, vocational teaching labs, conference and huddle rooms, an outdoor student learning lab on the roof and student services, and administrative offices for faculty and staff.
FCTech is accredited by the New England Commission of Higher Education. The total enrollment capacity at the new building will be 1,465. FCTech offers the following certification programs: Automotive Technology, Computer-Aided Design/SolidWorks, CNC Machining, Industrial Electronics Technology, HVAC&R Technology, Network & Systems Supprt, Practical Electrcity and Software Development, in addition to Associate’s and Bachelor’s degrees. The Certificate Programs will produce work-ready job candidates. FCTech is committed to ensure tuition is affordable (99% receive some sort of financial aid). 67% of the student body identifies as BIPOC and 100% of students receive career counselling.
Grow America’s $5.0 million Qualified Equity Investment in the $16.7 million project was combined with financing from BlueHub Capital, Consortium America, Partners for Common Good and Chase resulting in 77 construction jobs and 102.8 retained/created jobs.