This past month, the U.S. Department of Treasury’s Community Development Financial Institution Fund (CDFI Fund) announced $3.5 billion in New Markets Tax Credits for community development projects in rural and urban communities across the country. Community Ventures was among this year’s 73 awardees, receiving $55 million that will be used for community development projects throughout the state. The NMTC program is designed to incentivize private investment for schools, hospitals, community centers, housing developments and other essential services in low-income, distressed communities.
Community Ventures is the first Kentucky-based applicant to receive funding in four years. CV has also received seven prior awards totaling $189 million, which supported the creation of 4,267 jobs. Of that past $189 million, Lexington has received $16,485,000 of those funds for three different projects, an amount second only to Louisville’s $52.3 million in funding for past projects. In the urban center of Lexington, CV has previously funded projects including: $7 million allocation for 21C Hotel & Museum; and $9 million for Lextran for the construction of the administrative and maintenance facility, new bus fueling and wash facility, and parking lot for the bus fleet; and $485,000 for rehabilitation of the American Legion Building.
In Louisville, CV has previously funded eleven different projects including: more than $8 million for the Cedar Street real estate development of market-rate homes in the Russell Neighborhood; $12.5 million for the purchase and remodel of the former Legal Arts building in downtown Louisville which was leased to Republic Bank and various office tenants; and nearly $8 million for renovations to the Galt House. Consumers Choice Coffee in Louisville was the first NMTC project funded by CV, with an $800,000 allocation.
Past Appalachian projects funded by CV include: $10 million allocation for the University of Pikeville School of Osteopathic Medicine in Pikeville, KY; $7 million allocation for the Union College School of Nursing in Barbourville, KY; $7.5 million allocation for the University of Cumberlands Health, Sports & Fitness Facility in Williamsburg, KY, among many others.
Founded in 1982, Community Ventures has been working for over 30 years to improve the quality of life for people across Kentucky. From affordable financing to education, to neighborhood revitalization, Community Ventures helps people purchase homes and start businesses, while also developing projects that meet the essential needs of each community. Community Ventures serves all 120 counties in Kentucky, with offices in Lexington, Louisville, Millersburg, Owensboro, and Campbellsville.