Ivy Tech Automotive Technology Center One of Five Businesses Receiving 2022 Novogradac Journal of Tax Credits Award
Cinnaire has announced its NMTC development, Ivy Tech Automotive Technology Center in Indianapolis, has been recognized with a prestigious 2022 Novogradac Journal of Tax Credits Real Estate QLICI of the Year Award. The Novogradac Journal of Tax Credits Community Development QLICIs of the Year Awards recognize organizations that have made exceptional qualified low-income community investments (QLICIs) in the past year. Cinnaire received the Real Estate QLICI of the Year Award for its investment in the Ivy Tech Automotive Technology Center, a workforce development training center located in Indianapolis, IN.
Cinnaire provided a $9 million New Markets Tax Credit (NMTC) investment to support the $14 million project. Additional NMTC financing was provided by PNC Community Partners, Inc., and the Indianapolis Redevelopment CDC.
The 60,000 square-foot state-of-the-art Ivy Tech Automotive Technology Training Center provides space for classrooms, training labs, and student commons for up to 600 students as well as faculty offices and corporate labs for Ivy Tech’s manufacturing partners. An onsite admissions professional assists students seeking to enroll in Ivy Tech’s programs, including a paid cooperative education opportunity with 100% job placement for those who meet eligibility with corporate partners Toyota and General Motors. Located in a city with an unemployment rate of 11.7% and poverty rate of 39%, the program offers a pathway out of poverty for graduates who are expected to earn an average salary of $50,000 per year upon completing the program.
“The Automotive Technology Center at Ivy Tech provides hands-on training to equip students with skills and resources to thrive in the booming automotive industry,” said Peter Giles, Cinnaire Senior Vice President, Business Development. “From Toyota to General Motors and Tesla, graduates that gained real world experience at Ivy Tech are launching successful careers and often breaking the cycle of generational poverty following completion of the program. The Automotive Technology Center was made possible with support from the NMTC program and demonstrates how the NMTC is a powerful tool incentivizing private investments in distressed communities. Cinnaire is honored to join our CDE partners in receiving the Novogradac QLICI of the Year Award.”
The winners of the 2022 Novogradac Journal of Tax Credits QLICI of the Year Awards were honored during the Novogradac Spring New Markets Tax Credit Conference in Washington, D.C.
“These investments really display the variety of ways that new markets tax credits can make a difference,” said Gregory Clements, chair of the conference. “The winners are a wide range of properties and businesses, all in different parts of the country. These are great examples of the good that the NMTC does for all types of low-income communities.”
The Ivy Tech program offers careers and opportunities to prepare students for employment with companies that require training in areas including electrical systems, engine performance, transmissions, brakes, steering and suspension systems, air conditioning systems, and engine repair. Classes at the Automotive Training Center are taught by Automotive Service Excellence (ASE) Master certified instructors using more than 100 training vehicles to help students build career advancement skills and explore manufacturer-specific diagnostic service tools and information. Students develop skills that help them land secure jobs as technicians, service writers, service managers, dealerships, independent retail shops, and part stores.
Community colleges are the most common type of U.S. two-year colleges offering millions of students more affordable pathways to reaching their goals. Ivy Tech Community College is committed to serving the people of Indiana through accessible and affordable world-class education and adaptive learning. With over 40 locations teaching classes in more than 75 communities in the Hoosier State, Ivy Tech is the largest and most affordable college in Indiana.