Join RiverLink's Friday Salon on
Friday February 26 starting at 3 at RiverLink's Warehouse Studios, 170
Lyman Street, to meet Pat Thomson, Director National Development
Council (NDC).
Pat Thomson heads the West Team
for the National Development Council,
providing technical assistance
to cities, nonprofits and banks to secure and
structure financing for
community and economic development projects. NDC is
one of the oldest national
non-profit community development organizations in the U.S., with a mission to
increase the flow of capital to underserved urban and rural areas across the
country for job creation and community development. Pat has been a Director
with the National Development Council since 1991, and previously served as
President of GAF, a CDFI small business lending unit of the
National
Development Council. Pat also is
an instructor in finance classes for economic
development professionals on
topics including Small Business and Real Estate
lending. Prior to joining NDC,
Pat worked for the NC Department of Commerce
in community and economic
development. She received a B.A. degree from Duke
University and a Master's Degree
from the University of North Carolina at Chapel
Hill.
According to
RiverLink Executive Director Karen Cragnolin, "We
are extremely lucky to have Pat Thompson give us this over
view of the New Market Tax Credit Program. So
many projects across the USA and right here in the RAD like the Rad
Lofts would not happen without NMTC. It is
an important tool in the tool box of financing projects
in the riverfront. The Wilma Dykeman RiverWay Plan that RiverLink funded
and facilitated urged use of the NMTC and other
creative financing tools to help fuel revitalization in the
French Broad River watershed.
Historically, low-income
communities experience a lack of investment, as evidenced by vacant commercial
properties, outdated manufacturing facilities, and inadequate access to
education and healthcare service providers. The New Market Tax Credit (NMTC)
Program aims to break this cycle of disinvestment by attracting the private
investment necessary to reinvigorate local economies. The NMTC Program
attracts private capital into low-income communities by permitting corporate
investors to receive a tax credit against their federal income tax in exchange
for making equity investments in specialized financial intermediaries. As
of the end of FY 2014, the NMTC Program has:
- Generated $8 of private investment for every $1 of federal funding
- Created 163 million square feet of manufacturing, office and retail space
- Financed over 4,700 businesses
Since NDC's first New Markets
Tax Credits (NMTCs) closing in 2004, they have received $704 million
in NMTC allocation and invested in 87 projects in 25 states.
These projects generated total investments of $1.7 billion and
created 14,508 jobs. The 87 projects are located in urban
and rural communities, are large and small, and include for-profit and
not-for-profit developers. From a community center in a severely distressed and
densely populated area of the South Bronx, NY, to a peanut processing company
in Severn, MD, these projects represent a cross section of our nation's
communities.
Equip yourself with the
knowledge for you and your family or business when you are thinking
about a project in the watershed. The Salon will take place from 3-5
pm at the RiverLink office at 170 Lyman Street Asheville, NC 28801, make sure
to park in the Wedge's dirt lot, and not at any of the studios on Riverside
Drive. Click Here to Register for
this Event. For more information email information@riverlink.org
or call (828) 252-8474 x 10.
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