Community Facility Financed with New Markets Tax Credits Receives QLICI Award
The John E. Alexander South Wood County YMCA was recently honored with a Novogradac Journal of Tax Credit Community Development Qualified Low-Income Community Investment (QLICI) Award. The awards recognize community development entities (CDEs) that made exceptional QLICIs in the past year. Located in the rural community of Wisconsin Rapids, the South Wood County YMCA received the award in the non-metro category. Cinnaire, in partnership with Chase, provided a $13 million New Markets Tax Credit (NMTC) investment to support the project.
“The Novogradac awards highlight projects that are providing social services to people in need while spurring community revitalization and economic development in distressed communities. The South Wood County YMCA exemplifies the extraordinary benefits the new markets tax credit program brings to low-income communities. The new facility would not have been possible without the critical financing provided by the new market tax credit allocation.” – Mark McDaniel, Cinnaire president & CEO
With a mission to address the challenges and needs facing Wisconsin Rapids, a collaboration between the South Wood YMCA and the Boys & Girls Club of Wisconsin Rapids Area has transformed a vacant downtown mall and nearby vacant parcels into a 95,000 square foot facility featuring services provided by the YMCA, the Boys & Girls Club and the Veterans Affairs Clinic. The project broke ground in August 2018 and is anticipated to open in early 2020.
“As Congress considers extending the new markets tax credit past the current allocation round, the QLICIs of the Year Awards program serves as an important reminder of how crucial this tax incentive is in driving private capital to benefit low-income communities,” said Brad Elphick, CP, conference chairman and Novogradac partner. The Novogradac Awards were presented at the Novogradac 2019 New Markets Tax Credit Conference in Austin, Texas.
Upon completion, the development will serve as the community’s largest provider of youth development services, provide an integrated community health model for individuals and families, as well as provide programs for veterans and their children. Designed to collaboratively accommodate the program needs of the YMCA, the Boys & Girls Club and the Veterans Clinic, the new facility will provide a teen center, computer labs, learning center, study lounge, music/drama room, arts classroom, aquatics center, teaching kitchen, childcare center, gymnasium, and more. The entire campus for the new site includes a Department of Veterans Affairs Community-based outpatient clinic that is locate between the YMCA and Senior Center with access into the YMCA.
“The collective impact of this project will not only positively affect countless individuals for many generations to come, but also transcend throughout our community. We are truly at a turning point as we help to reshape the narrative health and wellbeing of our community,” said Bret Salscheider, CEO of the South Wood County YMCA. “There have been so many key stakeholders involved in making this truly a one of a kind project and we are so honored to receive this award.”