#United States #Chicago #Broadstreet Impact #NMTC #Thriving Communities Fund

Thriving Communities Fund Invests $35 Million to Boost Local Economies

The Thriving Communities Fund, spearheaded by Broadstreet Impact Services, recently announced the deployment of $35 million in an impactful initiative aimed at improving economic stability in underprivileged regions. Capitalized by TD Community Development Corporation (TDCDC), this fund utilizes innovative strategies such as federal New Markets Tax Credits (NMTC) to support investment in businesses, community facilities, and job creation in low-income neighborhoods.

The Motivation Behind the Fund

The primary objective of the Thriving Communities Fund is to alleviate economic distress in areas grappling with high job loss rates. By leveraging NMTCs, the fund is designed to provide accessible capital for development initiatives that may not otherwise find the financial backing to move forward. This capital not only facilitates renovations of commercial spaces but also promotes revitalization efforts aiming to enhance community aesthetics, increase local tax revenues, and provide sustainable job opportunities.

Michael Cooper, President of TDCDC, commented, "TDCDC is thankful for the opportunity to work with Broadstreet to create economic opportunities and improve the communities in which we serve. Creative approaches and innovative tools are essential for bringing necessary resources to low-income areas."

Significant Projects Funded by the Initiative

The projects funded underscore the Thriving Communities Fund's commitment to fostering economic growth. Notable undertakings include:

Hunger Hub (Charlotte)

The fund is supporting the renovation and expansion of a 90,000-square-foot facility that will act as the headquarters for Nourish Up, a nonprofit committed to combating local food insecurity. This facility is set to distribute 200,000 meals annually and create 23 permanent jobs.

ConnCat Place on Dixwell (New Haven)

A new construction project is underway for a 65,000-square-foot multi-service and workforce development center in Newhallville. This facility, home to the Connecticut Center for Arts and Technology (ConnCAT), aims to facilitate job-training programs while also providing support services to families. The project will generate 78 jobs while retaining 41 existing positions.

The Chocolate Factory (Philadelphia)

This initiative involves the renovation of a closed candy factory into a thriving commercial space for local businesses. The project is estimated to generate 130 jobs, all ensuring living wages and benefits, thus serving the surrounding high-poverty neighborhood effectively.

Delaware Valley Community Health Center (Philadelphia)

Renovations at this center will enhance health and dental services while increasing patient volume by 22% and creating 133 full-time job opportunities.

Hazel Johnson-Brown Building/Walter Reed (Washington, D.C.)

One of the last buildings at the historic Walter Reed Medical Campus is being transformed into a mixed-use facility, including housing and commercial space. This revitalization will develop a 10,000-square-foot retail outlet named Hazel's Hardware Store, alongside a coffee shop and office space, creating an additional 55 jobs.

Bridging Economic Gaps

Brent Kuennen, Senior Vice President at Broadstreet, remarked on the transformative nature of these investments, stating, "These projects reflect our priorities as an impact investor and community partner. We are grateful for the exemplary partnership with TD Community Development Corporation, which allows us to effect lasting change in the communities we serve."

About the Collaborators

• - TD Community Development Corporation (TDCDC): A certified Community Development Entity, TDCDC has been instrumental in channeling resources to revitalize both urban and rural low-income neighborhoods across a vast range from Maine to Florida.
• - Broadstreet Impact Services: An impact financial services company, Broadstreet partners with like-minded investors and fund managers to drive positive social, environmental, and economic outcomes nationwide.

The Thriving Communities Fund represents a concerted effort to not just tackle economic challenges, but to uplift communities by creating jobs, enhancing services, and fostering sustainable growth, one project at a time.