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TRF Awarded $90 Million NMTC Allocation
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The U.S. Department of
Treasury's CDFI Fund announced today that TRF has been awarded a $90
million
New Markets Tax Credit (NMTC) allocation. This is TRF's 4th
and largest award to-date under the CDFI Fund's NMTC program. TRF
uses its credits to support charter schools, supermarkets and
mixed-use commercial projects in distressed communities across the
mid-Atlantic. |
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Bringing an
Historic Wilmington Landmark Back to its Old Glory |
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Located in the heart of Wilmington's
Market Street corridor, the Queen Theater has sat
empty for nearly
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A rendering of the
Queen Theater's future. |
five decades and endured several failed renovation attempts. The Buccini Pollin
Group and World Cafe Live are joining hands to
rebuild this 45,000 square foot venue. The $33.9 million redevelopment will transform the venue, providing arts, entertainment, and educational programs to the local community. The
project is expected to create more than 300 construction and full time jobs. This project is being financed using
New Markets Tax Credits
(NMTC) and Historic Tax Credits. The NMTC transaction involves multiple NMTC allocatees, a TRF first, including TRF,
Consortium Capital and City First Bank, with US Bank as the New Markets and Historic Tax Credit equity investor.
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PolicyMap Widgets: A Powerful New Tool |
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PolicyMap
is giving users the ability to embed a
fully interactive web widget on their
sites. Widgets are customizable instances of PolicyMap maps with dynamic
features such as the ability to zoom into or pan across a map, click on an
area to view underlying data or toggle between additional data layers
and points of data. These widgets
provide a great new way to
communicate with website visitors and provide an interactive display of data relevant to
your work. TRF is already using these widgets to showcase our
Baltimore Market Value Analysis
and our
charter school investments. Users can have widgets built for
them with the ability to display up to 15 different thematic data layers and 5
public or subscriber datasets.
Contact us
if you would like to learn more about
getting a widget for your site. |
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Celebrating New Homes for Two TRF-Financed
Charter Schools |
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Thanks to financing from TRF, two
charter schools began their school year in new facilities. Learning Community
Charter School is now in a three-story facility with abundant resources that reflect the quality of the school’s curriculum. TRF
provided $6.7 million in NMTC and partnered with JPMorgan Chase to
finance the facility. After years of turning away applicants due to
lack of space, this school which has consistently performed better
than Jersey City Public Schools and state averages, also welcomed
100 new students. In Wilmington, Delaware, Prestige Academy Charter
School welcomed its 5th graders in its new home. The middle school serving minority young men opened in September 2008. TRF provided $3 million
in financing and partnered with Building Hope and First State
Community Loan Fund on the project. The school plans to expand to
over 400 students in grades 5-8 over the next four years. Upon
enrollment, many of Prestige students were 2-3 grades behind.
Prestige’s highly disciplined environment and rigorous college
preparatory curriculum is dedicated to making up this considerable
ground. To date, TRF has financed 63 charter schools providing a
total of $179 million in loans. |
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TRF
Staff in the Spotlight |
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The Fall issue of
Inside
Arts magazine features
Jeremy Nowak and TRF's work to bring access to the arts to Philadelphia
communities. Mr. Nowak was also recently appointed to
deputy chairman of the Philadelphia Federal Reserve
Bank's Board of Directors. His one-year term begins in
January 2010. TRF's Managing Director of Energy Finance,
Rob Sanders was also recently nominated by Governor
Ed Rendell and confirmed by the Pennsylvania
Senate to serve on the PA Energy Development Authority
(PEDA) board. PEDA is an independent public financing authority which
finances clean, advanced energy projects in Pennsylvania.
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