Lexington, KY. – The Community Development Financial Institutions Fund, during their fifth round of funding, has awarded Community Ventures Corporation with $45 million in New Markets Tax Credits.
Community Ventures Corporation was the only Kentucky based organization selected to receive funding in this round. In total throughout the United States there were 258 applications submitted and 61 Community Development Entities selected.
The objective of the program is to inject financing and capital into those areas of the community that in the past have not been the recipient of conventional funding—primarily urban and farming areas. The NMTC Program stimulates economic and community development and job creation in the nation’s low income communities by attracting investment capital from the private sector. CVC will use its NMTC allocation to target non-metropolitan counties in Appalachia and economically distressed urban areas. CVC will make loans to commercial real estate projects, community facilities and small businesses through flexible underwriting, below market rate pricing, longer amortization periods and extended loan terms. Additionally, CVC will create a new loan product that provides business loans in the form of working capital to non-profit community development corporations to facilitate the development of affordable home ownership opportunities.
President and CEO Kevin R. Smith said in a statement that “he was extremely proud of CVC and the members of his team in creating an environment that seeks out financial opportunities for all the citizens of the state and that this allocation of NMTC will reach far into those areas of need.” Community Ventures Corporation in less than five years has become the leader within the state of Kentucky in facilitating lending through the highly successful New Markets Tax Credits program. CVC has in prior rounds of funding received and allocated over $22 million in NMTC throughout the state of Kentucky.
A leading non-profit in Kentucky, Community Ventures Corporation is celebrating 25 years of service to communities and families.
For additional information please call Kevin R. Smith, president and CEO, Community Ventures Corporation @ 859-231-0054.
