Community Ventures will deploy the investments in the low-income rural and urban communities that it serves throughout Kentucky, Tennessee and West Virginia. Community Ventures, a nine-time recipient and the sole Kentucky-based awardee, was one of 107 CDEs headquartered in 35 states. The District of Columbia received an aggregate of $5 billion in NMTC awards.
“For years, community development organizations such as Community Ventures were able to get resources to upgrade or produce housing in low-income communities, but we never had a tool to revitalize the commercial sectors of those same communities,” noted Kevin Smith, CEO of Community Ventures. “NMTC gives us that tool. We can have a big impact on not only the residential areas of a community but also on the commercial districts of a community.”
“This New Markets Tax Credit award provides essential investments into projects located in low-income communities, helping them to expand businesses, create jobs and strengthen the resilience of these communities,” explained Community Ventures’ Dan Heffernan, President of New Market Tax Credits. “Many of these communities have seen years of disinvestment and others suffer due to unforeseen external forces such as the pandemic and recent tornados and flooding throughout Kentucky.
“The New Markets Tax Credits is a powerful vehicle for bringing investment to communities that need it the most. Community Ventures CDE is honored to be a part of it and it couldn’t have come at a more important time for the communities we serve.”
