Madison-based Forward Community Investments (FCI) received $40 million from the New Markets Tax Credit (NMTC) Program to amplify their investments in Wisconsin communities, the organization announced in a press release.
The CDFI Fund, operated by the U.S. Treasury, made the award as part of a $5 billion allocation to 104 Community Development Entities (CDEs) across 35 states. The NMTC Program was created to drive increased private market investment in economically distressed communities and to date it has awarded more than $81 billion through 20 allocation rounds.
FCI utilizes NMTC Program allocations to provide financing to nonprofit organizations developing community facilities that provide critical services to areas in Wisconsin that need it most. Since 2014, FCI has deployed over $181 million in Qualified Low-Income Community Investments (QLICIs) in the form of loans to nonprofit partners and local community stakeholders in low-income communities throughout the state.
“The NMTC program applicant pool is fiercely competitive with requests for allocation far exceeding available funds every year.” FCI CEO Ryan Zerwer said in a statement. “FCI’s $40 million allocation is a significant achievement for our organization and a recognition of our team’s incredible dedication to creating meaningful impact in the communities we serve. We are grateful for the support of our partners and excited to leverage this award to drive catalytic change throughout Wisconsin.”
“FCI is deeply appreciative of the ongoing support from the CDFI Fund through the New Markets Tax Credit program.” FCI COO Rob Beach said in a statement. “This allocation will enable FCI to invest in more community focused projects that will positively impact individuals and their families now and for many years to come.”
Previous awards have enabled investment in crucial community projects such as:
• Construction of the Lac Courte Oreilles Community Health Center (Hayward), for which FCI received national recognition as the Novogradac Non-Metro 2024 QLICI of the Year.
• Development of the Dr. Howard Fuller Collegiate Academy High School and renovation of the Dr. Howard Fuller Collegiate Academy Middle School (Milwaukee)
• Construction of the new Urban League of Greater Madison Black Business Hub (Madison)
• Development of the Eau Claire Children’s Museum Multi-Use Community Facility (Eau Claire)
FCI’s most recent deployment, a $15.4 million NMTC deal supporting the Meta House Project Horizon complex in Milwaukee, is expected to close by the end of the month. The new outpatient facility and residential housing complex will centralize and significantly expand care to women and families afflicted by drug addiction.
“Meta House’s expansion project simply would not have been possible were it not for the incredible partnership of the FCI team.” Meta House President and CEO Valerie Vidal said in a statement. “FCI’s investment of tax credits into this transformational project will improve the lives of thousands of women and children impacted by substance use disorder. The New Market Tax Credit program is a crucial economic development tool that enables organizations like Meta House to build facilities that will allow us to serve more people in need of life-saving treatment.”
Organizations interested in NMTC Program financing through FCI should visit its website at https://www.forwardci.org/new-markets/.
