Fort Myers, FL, July 26, 2012 --(PR.com
)-- Investment Will Complete Construction of Cultural Arts and Community Center
The Heights Center has secured $1.5 million in New Markets Tax Credits investments (NMTCs) to finish the construction of the $5.8 million Cultural Arts and Community Center in the Harlem Heights neighborhood. Construction resumed on Friday, July 20. When complete this winter, The Heights Center will be a place for education, opportunity, and enrichment – building strong, self-sufficient families.
The $1.5 million in NMTC funding comes from a federal investment by CityScape Capital Group and a state investment by Stonehenge Capital through US Bank.
"The New Markets Tax Credits investment is a critical funding piece in making The Heights Center a reality,” said Kathryn Kelly, President and CEO of The Heights Center. “To access the NMTCs, we had to bring significant equity to the project, and could not have done so without the generous support of our local donors. They have steadfastly supported and encouraged us even in the economic downturn. We are also grateful to our friends at CBO Financial who helped us arrange this transaction with efficiency, while providing tremendous support and guidance along the way.”
Lee County Commissioner Ray Judah added, "The federal and state New Markets Tax Credits program helps spur economic opportunity and combat poverty. By helping complete construction on the Heights Center, these credits will have a profound and positive impact on our community.”
The New Markets Tax Credit Program was established by Congress in 2000 with the goal of attracting new investment capital to disadvantaged communities. By making investments in Community Development Entities (CDEs) whose primary mission is providing capital for low income builders, investors are awarded allocations of tax credits – which they can use to attract and raise capital for projects in low income communities – by the Community Development Financial Institutions (CDFI) Fund through the Department of the Treasury. Upon receiving these allocations, CDEs partner with investors to raise needed capital and provide a sustained investment, that enables borrowers to improve low income communities by building homes, developing businesses, and bring much-needed services to these neighborhoods.
Harlem Heights is a severely distressed community, with children living in poverty at twice the rate of the rest of Lee County. The Heights Foundation has worked for over a decade to come alongside Heights families and work with them by promoting education and opportunity through programs, outreach and advocacy. Their programs create a network of care and support that helps families create deep and long lasting change, thanks to partners like community organizations, churches, social service agencies and more.
For more information about The Heights Foundation and The Heights Center please call 239.482.7706 or email email@example.com