The deadline to apply for NMTC facilitated financing is Monday, March 19
at 5 PM CST
AltCap is actively seeking proposals from operating businesses, real estate entities and non-profits needing financing assistance for job creating investments or community-driven real estate development projects. With its recent allocation of New Markets Tax Credits (NMTC), totaling $55 million from the CDFI Fund of the US Department of the Treasury, AltCap will focus its deployment of tax credits on supporting investments in Kansas City's economically distressed communities. Targeted areas include census tracts that, at minimum, meet the following criteria: a poverty rate greater than 30%, median family income less than 60% of the area median family income, and an unemployment rate at least 1.5 times the national average. Eligible census tracts can be identified using the NMTC Mapping Tool.
In addition to meeting geographic requirements, the investments or project costs financed by NMTC must be at least $5 million. Eligible investment activity by operating businesses includes significant capital expenditures such as machinery, equipment or other fixed assets as well as substantial rehab or improvements to existing facilities, some working capital, even debt refinancing. Recent operating businesses financed with AltCap’s NMTC facilitated financing product include: Sioux Chief, A. Zahner Company, A.B. May, Custom Truck & Equipment, Reeves-Wiedeman Company, and Posty Cards.
Real estate development related investments are also eligible and include land/property acquisition, hard/soft construction costs, FFE, etc. for most industrial, commercial (including office and retail), and mixed-use developments (where no more than 80% of project revenue is derived from residential rental income). Recent real estate development projects financed in part by AltCap’s NMTC facilitated financing product include: Plexpod @ Westport Commons (former Westport Middle School), NorthPoint’s Three Trails Industrial Park (former quarry), YMCA’s Linwood Y, and the Synergy Services Youth Resiliency Center.
The deadline to apply for NMTC facilitated financing is Monday, March 19 at 5 PM CST. Preference will be given to 2018 capital investments that create living wage jobs (especially for residents of low-income communities), provide goods and services to low-income communities, and or support M/W/DBEs. “Shovel-ready” real estate projects that support or promote infill, historic rehab as well as “green” design and building/construction practices will also be given preference.
For more information about AltCap’s NMTC facilitated financing including a copy of our application as well as examples of businesses and projects that have benefited from this alternative, nontraditional financing product, visit www.alt-cap.org/nmtc
For questions regarding the NMTC Program and/or AltCap’s application process, please contact Ruben Alonso III, President, AltCap at (816) 216-1851 , ext. 1 or firstname.lastname@example.org.