MetaFund Fully Deploys Third New Markets Tax Credit Allocation ($60M)
MetaFund has fully deployed the $60 million New Market Tax Credit allocation which was awarded from the CDFI Fund in 2012. This marks the third award MetaFund has fully deployed for a total of $139 million invested in distressed communities since 2002. These investments have directly created over 3,000 jobs and drastically improved the communities where they were made. The five projects funded with the 2012 award are described below:
Lawton Lodging – In September 2012, MetaFund applied tax credit incentives toward the development of a hotel within a distressed area in Lawton, Oklahoma. The hotel is currently under construction but is scheduled to open in April 2014.
OCU School of Law Building – In December 2012, MetaFund completed a tax credit allocation toward the purchase of the historic Central High School building in Oklahoma City and conversion to the Oklahoma City University School of Law. Once this historic renovation is complete, the school will bring over 600 young professionals into the area and serve as a catalyst for the Midtown district of Oklahoma City.
ASCO – Through the New Markets Tax Credit Program, MetaFund assisted ASCO Aerospace with the purchase, renovation and re-opening of the failed and shuttered MerCruiser facility in Stillwater, Oklahoma. From this new facility, ASCO will manufacture components for use in various aircrafts. The operation will create hundreds of jobs within a community which had experienced deep economic distress from the previously shuttered facility. This transaction closed in June 2013.
The Tile Shop – In July 2013, MetaFund closed on the tax credit investment in The Tile Shop which is in the process of converting a 160 square foot facility located within a severely distressed rural area in Durant, Oklahoma into a tile manufacturing and distribution facility. Prior to this transaction, the facility had been vacant for 10 years and stood within an underutilized industrial park. The project will bring much needed jobs and economic development to the area.
Belfair of McAlester - MetaFund utilized the New Market Tax Credits program to finance the construction of the Belfair of McAlester, a senior living community located within a severely distressed community in McAlester, Oklahoma. The 61,000 square foot facility will offer 16 independent living, 30 assisted living and 25 memory care residences for area seniors and is set to open in mid-2014. This transaction closed in November 2013.
Though this New Markets Tax Credit allocation has been fully exhausted, MetaFund has applied for additional allocation authority which would be awarded in 2014. MetaFund continues to maintain a pipeline of potential transactions in anticipation of a new allocation.
