Five properties and 10 community development entities (CDEs) are the winners of the Novogradac Journal of Tax Credits 2020 QLICIs of the Year Awards. The awards recognize community development entities (CDEs) that made exceptional qualified low-income community investments (QLICIs) using New Markets Tax Credits (NMTC). Cinnaire and Chase New Markets Corporations received the metro QLICI award for investing in the Mott Community College (MCC) Culinary Arts Institute in Flint, MI.
“Cinnaire is proud to be a part of the team that made MCC a reality – renovating an iconic downtown building, while providing culinary arts educational opportunities and creating jobs and economic impact in Flint,” said Mark McDaniel, president and CEO of Cinnaire. “The new markets tax credit incentivizes private investment to spur community revitalization and economic development in distressed communities. MCC is the ideal example of the NMTC tool at work. We are honored to join our partners from Mott Community College, the C.S. Mott Foundation, Chase and Uptown Reinvestment Corporation to strengthen and support downtown Flint as a healthy, vibrant community.”
MCC is dedicated to providing high quality, accessible and affordable educational opportunities and services that cultivate student success and individual development. As the school’s culinary arts programs grew in popularity, MCC identified the need for an expanded facility.
The new culinary arts institute would not have been possible with Cinnaire’s $9 million NMTC allocation, The new Culinary Arts Institute allowed MCC to expand their curriculum and to more than double their program capacity to serve approximately 400 students, bringing new students to the area and creating secondary economic impact in Flint. Development of the new facility created 65 temporary jobs, 10 new full-time jobs and retained an additional seven permanent jobs.
“This year’s QLICI award winners showcase a diverse array of investments and developments using the new markets tax credit incentive,” said Brad Elphick, CPA, and Novogradac partner. “As Congress considers extending and expanding the incentive, these investments are an important reminder of how crucial this tax incentive can be for underserved communities.”
Click here for additional details and a peek inside the Mott Community College Culinary Arts Institute.
Novogradac began operations in 1989 and has grown to more than 600 employees and partners with offices in more than 25 cities. Tax, audit and consulting speciality practice areas for Novogradac include affordable housing, opportunity zones, community development, historic rehabilitation and renewable energy.