NCIF recently closed two New Markets Tax Credit (NMTC) deals, one in rural Pikeville, KY, and another in Kansas City, MO. Both deals leverage NCIF's innovative, three-party strategy between itself, community development banks, and institutional investors to jointly invest in real estate and non-real estate transactions in rural, urban and tribal communities throughout the country. NCIF is confident that these projects will spur economic development activity, create jobs, and expand vital social services in their communities.
More specific information on each project can be found below and by clicking on the project names.
Pikeville College of Osteopathic Medicine - Pikeville, KY
CDBI Bank Partner
Community Trust Bank
Large Bank Partner
US Bank
NCIF NMTC Investment
$10 Million
Summary
The Pikeville, KY project is with the University of Pikeville-Kentucky College of Osteopathic Medicine, and is centered on the construction of clinical facilities that will expand much-needed medical training and services to the surrounding rural community.
39Rainbow - Kansas City, MO
CDFI Bank Partner
Central Bank of Kansas City
Large Bank Partner
US Bank
NCIF NMTC Investment
$8.25 Million
Summary
The Kansas City, MO project is the first phase of the 39Rainbow development near Kansas University Medical Center which will create 10,000 square feet of retail space and a hotel that will provide both services and jobs for the "highly distressed" surrounding area (Poverty level: 22.9%), and long overdue supporting facilities for the University of Kansas Hospital and Medical Center
Aspen Institute and Economic Opportunities Program's (EOP) current scale and sustainability research focuses on the community development finance industry and is exploring the critical stages through which individual organizations and a field must move to reach scale, and the obstacles/challenges at each stage. The work also seeks to find a better understanding of interventions, intermediaries, systems and infrastructures that can facilitate and/or accelerate the process of moving to scale, as well as the funding needed at each stage and who the broader universe of partners/participants/stakeholders might be.
Aspen/EOP's earlier work resulted in a paper on trends in CDFI sustainability. In 2007, EOP was awarded a $100,000 grant from the CDFI Fund's Research Initiative to examine trends in CDFI sustainability. Past research into the issue of how community development financial institutions can scale up to reach underserved markets has found that it is closely related to another critical issue: sustainability. This research project attempted to look at sustainability within the context of increasing industry scale and the use of subsidy. Through quantitative analysis, a survey of industry practitioners, and a series of case studies, the state of sustainability in the field was examined, and findings were used to develop a framework for understanding sustainability.
Please access the paper here. (PDF Download)
CDFIs and their role in job creation was one of the topics discussed recently in the Atlanta Fed's Economic Development podcast series. In the second part of a two-part podcast, Joseph Firschein with the Federal Reserve Board continues his interview of Donna Gambrell, director of the U.S. Department of the Treasury’s CDFI Fund. In the podcast, Joseph and Donna discuss the growing role of CDFIs (community development financial institutions) in job creation, innovative CDFI practices that help create jobs, and opportunities for partnership with community and economic development practitioners .
Read a transcript of the podcast here.
On the transcript page, to the right, under Related Links, you will see the link to play the audio mp3 file.
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