Last month NHC member Housing Partnership Network (HPN), in partnership with Affirmative Investments, Inc., was awarded $38 million in funding from the New Markets Tax Credits Program. HPN and Affirmative Investments will use the funding in collaboration to provide investment capital to new and existing projects.
On the combined strength of HPN’s membership in target service areas and the experience Affirmative Investments has in structuring and closing New Markets Tax Credit deals, the award will jump-start HPN’s support of mixed-use development projects in Massachusetts, Pennsylvania and Nevada. HPN will provide management support, pipeline developments and organizational oversight to the joint venture.
“The New Markets Tax Credit program is a tremendous catalyst for essential community cornerstones such as jobs, education and health services, and I’m excited about the mixed-used projects we’re exploring,” said Rebecca Regan, president of Capital Markets Companies for HPN. “HPN members are leading-edge organizations, transforming lives and neighborhoods through housing. Affirmative is a pioneering real estate and finance company with a creative approach and successful track record of New Markets Tax Credit developments. Together, we’re natural collaborators,” she said.
New Markets Tax Credits are a fundamental source for community development funds in underserved regions. They are a valuable source of financing for neighborhood revitalization and stabilization projects, work that NHC is proud to support. We’ll highlight it this fall at our annual Solutions Conference in Oakland. Our restoring neighborhoods track will feature panels focused on how we can stabilize neighborhoods through foreclosure prevention, eliminating blight and much more. You can learn more about our restoring neighborhoods track and Solutions 2014 here.
In addition to its collaboration with Affirmative Investments, HPN will work with its member ACTION-Housing in Pittsburgh to finance multiple developments, including a community center and library, and Nevada HAND-another of its members-to establish developments in Las Vegas. Financing will also be allocated to United Teen Equality Center’s Hub for Social Entrepreneurship, a program in Lowell, Mass. designed to combat teen gang violence.