New Market Tax Credits Help Make Facility Possible Houston’s BBVA Compass Stadium — which was created with the support of $25.5 million in New Markets Tax Credits allocated by Texas LIC Development Company (which is a subsidiary of Texas Certified Development Company), Texas Certified Development Company, Waveland Community Development and Wells Fargo — has boosted employment, increased tax revenues and received numerous accolades since it first broke ground in February 2011. The state-of-the-art stadium, which was completed in May 2012, serves as the home to the Houston Dynamos of Major League Soccer, the Houston Dash of the National Women’s Soccer League and the Texas Southern Tigers football team. Providing A Significant Economic Impact The BBVA Compass Stadium is a key catalyst in the development of Houston’s East Downtown District and adjacent areas. Although the East Downtown District has had a long history of commercial and industrial usage, the land and assets were largely underutilized or dilapidated prior to the stadium’s construction. The area also has been severely distressed economically with a 41.5% poverty rate, an 11.5% unemployment rate and incomes that were 43.6% of the 2011 average median income. The creation of BBVA Compass Stadium has made a big difference […]Read More
This morning President Obama signed the American Taxpayer Relief Act of 2012 which included an extension of the New Markets Tax Credit Program for 2012 and 2013. The tax credit allocation authority is $3.5 billion for each year. The CDFI Fund is currently reviewing applications received under the 2012 round and plans to announce the awards in April. Additional information can be found on the CDFI Fund’s web site at www.cdfifund.gov.Read More
Washington, D.C. – Jan. 2, 2013 — The U.S. House of Representatives last night voted 257-167 to approve legislation aimed at avoiding the so-called fiscal cliff that also includes a number of key tax extender provisions. The bill, H.R. 8, the American Taxpayer Relief Act of 2012 had been approved by the Senate by a vote of 89-8 earlier in the day.
H.R. 8 extends the New Markets Tax Credit (NMTC) for two years, providing a maximum annual amount of qualified equity investments of $3.5 billion each year. The bill also extends the 9-percent low-income housing tax credit (LIHTC) floor for LIHTC allocations made before Jan. 1, 2014. H.R. 8 also includes one-year extensions of 50-percent bonus depreciation and the wind production tax credit (PTC).Read More
BBVA Compass Stadium, the Houston Dynamo’s new digs currently under construction a few blocks from Minute Maid Park near U.S. Highway 59, is on schedule and on budget, according to Dynamo President Chris Cannetti. The stadium is being constructed using $25.5 million in New Markets Tax Credits allocated by TxCDC and Waveland Community Development.Read More
Texas Community Development Capital (TxCapital), a subsidiary of TxCDC that has authority under the U.S. Treasury to allocate New Markets Tax Credits to commercial development, is pleased to announce it has allocated $5 million of New Markets Tax Credits to LifeWorks Austin for a new $10 million, 31,000-square-foot building that will help LifeWorks expand its mental health, education and literacy services. The new East Austin Youth and Family Resource Center, located at 835 N. Pleasant Valley Road, will provide more space for programs such as English as a Second Language classes, counseling and services for youth who are aging out of foster care.
LifeWorks provides the most comprehensive network of support services for at-risk youth and families in Austin, offering a safety net of support to more than 10,000 families every year. Services provided to youth and their families include shelter, counseling, life-skills training, General Educational Development (GED) classes and transitional housing. “This new facility, strategically located next to Austin Community College’s Eastridge Campus, will allow LifeWorks to serve 25 percent more clients,” said LifeWorks Executive Director Susan McDowell.
A special thanks to Capital One for participating in this transaction.
TxCapital was awarded $75 million New Markets Tax Credits for Texas by the U.S. Treasury’s Community Develop Financial Institutions Fund in 2009. “We are proud to be a part of a grand solution for the young people of Central Texas,” said TxCDC Chairman Paul Tovar.Read More
Markets Tax Credits to the Houston Dynamo Stadium, located in Houston, Texas. The new Dynamo stadium is a state-of-the-art, open-air stadium designed to host Dynamo matches, Texas Southern University football games as well as additional sporting and concert events. The 22,000-seat stadium is the first soccer-specific stadium in Major League Soccer that is located in the center of a major metropolitan city.
With its downtown location, the new stadium will be part of a true stadium district, which already features Minute Maid Park (home to the Houston Astros) and the Toyota Center (home to the Houston Rockets), as well as the George R. Brown Convention Center. The new Dynamo stadium will create more than 1,500 jobs within the city of Houston.
A special thanks to Wells Fargo for participating in this transaction.Read More
The University of the Incarnate Word received $31 million in New Markets Tax Credits provided by TxCDC and Waveland Community Development that were used along with donations to buy and renovate the School of Optometry’s facility on Datapoint Drive and to purchase equipment. Today the school contains two large lecture halls, academic and clinical research laboratories, a school library, break-out/study rooms, conference rooms, a bookstore and an examination hall. Another 15,000 square feet is occupied by a Vision and Eye Care Clinic that is equipped with state of the art instruments and technology in order to provide critical eye care services to minority and low-income San Antonio residents. The Vision and Eye Care Clinic at full capacity will serve up to 30,000 patients annually. In addition, the School of Optometry will contribute an additional 150 jobs to the San Antonio area during the next few years.
A special thanks to Capital One for participating in this transaction.Read More