CAHEC New Markets, a New Markets Tax Credit (NMTC) Community Development Entity, has allocated $40 million to three community development projects in Florida, Tennessee, and North Carolina. The investments aim to enhance access to early childhood education, community services for families, and quality rural healthcare, according to a press release from the organization.
The first investment of $11 million supports Childcare Resources' new early learning campus and resource hub in Vero Beach, Florida. The campus will replace the organization's current 17,100-square-foot leased facility and expand programming from infancy through second grade. It will include a 16-classroom lab school, student therapy rooms for wellness and early intervention services, and a professional development incubator for early learning educators. The expanded campus represents a 36% increase in capacity, allowing Childcare Resources to serve 200 students annually. Of those, 85% are low-income, including 20 seats reserved for children experiencing homelessness. The professional development incubator will additionally serve 300 educators annually, 74% of whom are low-income. The project is expected to create 13 new jobs and retain 50 existing positions.
The second investment of $15 million was provided to Knoxville's Community Development Corporation (KCDC) to support the Transforming Western Heights plan, a 70-acre U.S. Department of Housing and Urban Development Choice Neighborhood development. The plan includes over 700 affordable and mixed-income rental housing units. The NMTC financing supports construction and renovation across a 35,195-square-foot campus, including the expansion of an existing Boys & Girls Club, upfitting clinic space to be occupied by the University of Tennessee Medical Center's Primary Care Clinic, and the construction of a new Connections Building that will house Real Good Kitchen and Junior Achievement of East Tennessee's Entrepreneurship Center, alongside an adjacent public park and plaza. Once complete, the project is projected to serve more than 6,000 community members annually, 80% of whom are low-income, through expanded youth programming, healthcare access, culinary job training, entrepreneurship support, and food security initiatives. The project is expected to create 105 construction jobs and 40 new permanent positions.
An additional investment of $14 million supports FirstHealth of the Carolinas' construction of a new two-story, 40,956-square-foot critical access hospital in Troy, North Carolina, replacing the Montgomery Memorial Hospital built in 1949. The state-of-the-art facility will deliver more efficient emergency services, rehabilitation and therapy services, and other comprehensive care to the rural, medically underserved community it serves. Once complete, the hospital is projected to serve approximately 14,000 patients annually while creating 166 construction jobs and retaining 136 full-time positions.
As part of its commitment to strengthening communities within high-distress neighborhoods, CAHEC New Markets is proud to support organizations and projects such as the Childcare Resources Early Learning Campus, Transforming Western Heights, and the FirstHealth Critical Access Hospital. "All three projects are driven by organizations that are deeply rooted in and have served their communities for decades. Through New Markets Tax Credit investments, we are able to help these organizations and the community members they serve realize their visions for strong, stable, and thriving communities that provide opportunities for years to come," said Brian Oxford, CAHEC's Director, Community Capital. "We are honored to provide New Markets Tax Credit financing to help these projects move from dream to reality."
The New Markets Tax Credits program is designed to stimulate economic and community development and job creation in low-income communities by attracting investment capital from the private sector. CAHEC New Markets, LLC, an affiliate of CAHEC, uses New Markets Tax Credit allocations to finance high-impact community facility projects throughout the Southeast to help communities and their residents stabilize, advance, and thrive. To learn more about CAHEC New Markets, visit its website.
