The top NMTC projects of 1H 2023

Since its creation in 2000, the New Markets Tax Credit (NMTC) program has generated billions of dollars in private sector investments for low-income communities. These investments produce approximately $8 of private capital for every $1 of federal funding provided, thereby increasing much-needed dollars dedicated to improving underserved local communities and thereby stimulating economic growth.

In order to serve low-income communities across the country, Capital One built a robust team of industry experts to facilitate hundreds of millions of dollars toward meaningful projects each year, with almost $450 million of investments in federal NMTC projects during the first half of 2023 alone. 

Located in a non-metropolitan area where mental health resources are normally more than two hours away, Eagle Valley Behavioral Health’s Edwards Community Health Campus will be a 43,000 square-foot facility providing mental health services in a community that has been designated as a “Health Professional Shortage Area” (HPSA). The improved facilities will include inpatient psychiatric care services, such as residential services for adults and adolescents, as well as a remodeled outpatient clinic for patients seeking a more flexible care model. 

Included in the project’s 116 jobs are at least 7 bilingual healthcare providers, which the facility will employ to meet the needs of the city's Hispanic and Latino population. The inclusion of this resource will help ensure that patients at the campus are presented with explanations and treatment options in a language they are comfortable with. 

• NMTC Investment: $63.25M

• Location: Edwards, Colorado

• Jobs (Created and Retained): 116

• Community Development Entities (CDEs): Capital One Community Renewal Fund; Stonehenge Community Development;  Colorado Enterprise Fund; Colorado Growth & Revitalization Fund; Empowerment Reinvest Fund

• Investor: Capital One, N.A.

Feeding Tampa Bay is a top 20 food bank in the Feeding America network. For more than 35 years, they have served a 10 county area, providing hunger relief services using a vast network of more than 500 nonprofit organizations and more than 600 local businesses. The Feeding Tampa Bay Hunger Relief Center will allow the food bank to consolidate facilities and plan for growth as they seek to eliminate hunger in West Central Florida.

The center will be a massive complex, spanning 215,000 square feet of warehouse and offices, including larger dry, cold and freezer storage as well as an increase in volunteer workspace which will be critical to the organization’s capacity to distribute greater quantities of fresh and healthy food. A newly constructed community kitchen will host food demonstrations, classes and trainings. Finally, the center will serve as a key coordination site and training ground for disaster response, with FEMA trained staff and volunteers prepared to step in when needed.

Feeding Tampa Bay is a critical resource in an area officially designated as a “food desert,” in which more than half a million people experience food insecurity. 

• NMTC Investment: $51M

• Location: Tampa, Florida

• Jobs (Created): 29

• Jobs (Retained): 170

• Community Development Entities (CDEs): Capital One Community Renewal Fund; Black Business Investment Fund; CCG Community Partners; Florida Community Loan Fund; Corporation for Supportive Housing; River George Capital

• Investor: Capital One, N.A.

The Center for Transforming Lives (CTL) will remodel and build out a long-vacant commercial building into a 102,000 square foot facility designed to include housing connections, counseling rooms, play therapy spaces and other high-quality social service spaces designed to serve single- and low-income parents in the area. Services focus on the social-emotional, cognitive and physical development of children. Also, family-oriented monthly programs are aimed at helping at-risk families increase the bonds between parent and child. 

CTL will provide on-site job training for mothers seeking to grow or start a career as well as childcare for mothers who need to attend an interview or job fair. These services play an important role in economic mobility by allowing low-income mothers the opportunity to start a career and better provide for their families. In doing so, CTL will continue the organization's 115-year mission of disrupting the cycle of poverty in this underserved area.  

• NMTC Investment: $39.5M
• Location: Fort Worth, Texas
• Jobs (Created): 52
• Jobs (Retained): 137
• Community Development Entities (CDEs): Capital One Community Renewal Fund; Capital Impact Partners; PeopleFund Advisors; Pacesetter CDE; MBS Urban Initiatives CDE
• Investor: Capital One, N.A.

Urban Peak secured NMTC financing to construct a four-story new facility nicknamed “the Mothership” on the grounds of their existing shelter, which had served the community for more than 30 years. The 66,600 square foot facility will offer improved shelter spaces, transitional housing and wraparound services for at-risk persons between the ages of 15-24.

As part of the Urban Peaks Youth Shelter, 136 beds will be available over the course of the year for the purpose of providing extended housing for approximately 600 youth. 100% of these beds will be focused on accessibility for people with low barriers to entry, meaning that each bed will be available to households with an income that is equal to 30% of Denver's area median income.

• NMTC Investment: $38.5M
• Location: Denver, Colorado
• Jobs (Created): 30.5
• Jobs (Retained): 27.5
• Community Development Entities (CDEs): Capital One Community Renewal Fund; Accion Opportunity Fund CD; Colorado Growth & Revitalization Fund
• Investor: Capital One, N.A.

To assist with the growing behavioral health and addiction treatment crisis, the Fair Haven Community Health Clinic will expand and renovate its current facility into a 40,000 square foot multi-service clinic boasting 27 exam rooms, treatment spaces, a community pharmacy and a digital literacy center. The clinic expects to serve more than 18,000 low-income patients of all ages and backgrounds each year, including treatment for depression, post traumatic stress disorder (PTSD), anxiety and substance abuse.

The clinic is located in a medically underserved community in New Haven, with a poverty rate of 36.2%, a median family income of 35.5% and an unemployment rate of 16.1%. The new digital literacy program will help bridge the knowledge gap that is common in low-income communities, helping clients learn how to access telehealth services, employment information, and other social service resources.

• NMTC Investment: $38.2M

• Location: New Haven, Connecticut

• Jobs (Created): 40

• Jobs (Retained): 116

• Community Development Entities (CDEs): Capital One Community Renewal Fund; Urban Research Park CDE; Community Health Center Capital Fund; The Community Builders CDE; MHIC NE New Markets II

• Investor: Capital One, N.A.

Capital One, in partnership with Capital One Community Renewal Fund, Gulf Coast Housing Partnership Inc. and Hope Enterprise Corp., supported the construction of Crescent Care Mid-City using New Markets Tax Credits. The Federally Qualified Health Center (FQHC) expects to provide services to more than 6,300 patients every year, 80% of which are likely to be low-income. Services will include primary, specialty, and mental healthcare, wellness and healthy living programs,and there will also be an on-site contract pharmacy so that patients can easily access their needed prescriptions.

In addition to increasing the accessibility of quality healthcare services in the Severely Distressed census tract, the project will also relocate 49 jobs, and create an additional 27 full-time equivalent roles and 119 temporary jobs during the facility’s 35,000 square foot construction.

• NMTC Investment: $20M

• Location: New Orleans, Louisiana

• Jobs (Created): 27

• Jobs (Retained): 49

• Community Development Entity: Capital One Community Renewal Fund; Gulf Coast Housing Partnership Inc.; Hope Enterprise Corp.

• Investor: Capital One, N.A.

Capital One is committed to improving underserved communities through the New Markets Tax Credit program. Please contact us if you are interested in speaking with a Capital One NMTC professional about your potential project.