CAHEC New Markets, a New Markets Tax Credit (NMTC) Community Development Entity, has allocated $40,000,000 to three community development projects in Florida, Tennessee, and North Carolina. The investments target early childhood education, family services, and rural healthcare, aiming to stimulate economic growth and improve quality of life in low-income communities. The NMTC program is designed to attract private capital to distressed areas, and these projects exemplify how targeted financing can address critical social needs while creating jobs and fostering long-term community stability.
The first investment of $11,000,000 supports Childcare Resources' new early learning campus and resource hub in Vero Beach, Florida. The campus will replace a leased facility, expanding programming from infancy through second grade. It includes a 16-classroom lab school, therapy rooms for wellness and early intervention, and a professional development incubator for educators. The expansion increases capacity by 36%, allowing the organization to serve 200 students annually, 85% of whom are low-income, with 20 seats reserved for children experiencing homelessness. Additionally, the incubator will 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 $15,000,000 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 NMTC financing will fund construction and renovation across a 35,195 square-foot campus, including expanding an existing Boys & Girls Club, upfitting clinic space for the University of Tennessee Medical Center's Primary Care Clinic, and building a new Connections Building to house Real Good Kitchen and Junior Achievement of East Tennessee's Entrepreneurship Center, along with 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 youth programming, healthcare access, culinary job training, entrepreneurship support, and food security initiatives. It is expected to create 105 construction jobs and 40 permanent positions.
The third investment of $14,000,000 supports FirstHealth of the Carolinas' construction of a new two-story, 40,956-square-foot critical access hospital in Troy, North Carolina. The facility will replace the Montgomery Memorial Hospital, built in 1949, and deliver more efficient emergency services, rehabilitation, and comprehensive care to a rural, medically underserved community. Once complete, the hospital is projected to serve approximately 14,000 patients annually while creating 166 construction jobs and retaining 136 full-time positions.
These investments are significant because they address systemic challenges in high-distress neighborhoods. By leveraging NMTC allocations, CAHEC New Markets is helping organizations with deep community roots realize their visions for strong, stable, and thriving communities. As Brian Oxford, CAHEC's Director of Community Capital, stated, "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." The projects not only expand access to essential services but also create jobs and stimulate local economies, demonstrating the power of targeted private investment in underserved areas. For more information, visit the CAHEC New Markets website.
