Building America CDE, Inc. Receives $40 Million New Markets Tax Credits Allocation from US Treasury
The U.S. Department of the Treasury Community Development Financial Institutions Fund awarded Building America CDE, Inc. (Building America) $40 million in New Markets Tax Credit (NMTC) allocation authority on September 22, 2023. Building America, an AFL-CIO Housing Investment Trust subsidiary, uses NMTC allocations to finance union-built projects that revitalize neighborhoods, bring critical services to underserved communities, and catalyze additional community development. Since inception, Building America has been awarded $280 million in NMTC allocations. Building America has deployed $231 million of its previous NMTC allocations to 27 projects, leveraging $1.2 billion in development, creating over 4,100 permanent jobs, 6,000 union construction jobs, and 630 housing units. Recent NMTC allocations to projects by Building America include The School at Marygrove, Pittsburgh Glass Center, and Public Health Management Corporation - Public Health Campus at Cedar. Building America deployed $8.0 million in NMTC for the significant rehabilitation of The School at Marygrove, a 64,700 square-foot innovative elementary school serving grades K-5 on Marygrove campus in Detroit. Not only the construction completed with union labor, but the ability to support union teachers and union maintenance staff reaffirms Building America’s mission to create and support good quality jobs. Building America allocated $5.0 million in NMTC for the expansion and renovation of the Pittsburgh Glass Center's 27,000 square-foot local non-profit public-access education center, art gallery, and glass studio. As the largest art facility in the East End of Pittsburgh, the Glass Center is a hub for innovation and creativity and has been a catalyst for economic development in its community.
Building America allocated $15 million NMTC to the transformation of The Public Health Campus at Cedar (PHCC) from a 100-year-old, 450,000 square foot community hospital into a modern, integrated public health campus, utilizing 100% union labor for on-site construction work. Once complete, the campus plans to include a federally qualified healthcare center and dental clinic, an inpatient pediatric crisis response and stabilization center, and several residential and non-residential social-service programs. Maintaining its location will allow PHCC to better serve West and Southwest Philadelphia, two communities that face high rates of systemic poverty and unemployment along with poorer health outcomes and other socioeconomic challenges. Building America's mission is to bring jobs and services to severely distressed communities to help address endemic poverty. Building America will continue to invest in mixed-use real estate projects that support workforce development, healthcare, education, job training, and affordable housing. These impactful projects transform neighborhoods, create high-quality jobs, and bring critical services to disadvantaged communities.