Programs
Program 1 [2024]
SMFB NMTC SUPPORT CORP WAS FORMED TO BENEFIT ST. MARY'S FOOD BANK ALLIANCE ("ST. MARY'S"), AN ARIZONA NONPROFIT CORPORATION, AND TO FACILITATE THE NEW MARKETS TAX CREDIT ("NMTC") PROGRAM. THE NMTC PROGRAM IS AN ALTERNATIVE FINANCING COMPLEMENT TO CONVENTIONAL CAPITAL SOURCES AND IS PATTERNED AFTER THE FEDERAL NEW MARKETS TAX CREDIT PROGRAM. THE PURPOSE OF THE PROGRAM IS TO ENCOURAGE CAPITAL INVESTMENT IN LOW-INCOME COMMUNITIES AND TO CREATE NEW JOBS. THE NMTC PROGRAM PERMITS INVESTORS/NOTE HOLDERS TO CLAIM A CREDIT AGAINST FEDERAL INCOME TAXES FOR QUALIFIED EQUITY INVESTMENTS ("QEIS") IN DESIGNATED COMMUNITY DEVELOPMENT ENTITIES ("CDES"). THESE DESIGNATED CDES MUST USE SUBSTANTIALLY ALL (85%) OF THE PROCEEDS TO MAKE QUALIFIED LOW-INCOME COMMUNITY INVESTMENTS ("QLICLS"). THE INVESTOR IS PROVIDED WITH A TAX CREDIT, WHICH IS CLAIMED OVER A SEVEN-YEAR PERIOD. UNDER THE NMTC PROGRAM, A "LENDER" INTO THE PROGRAM CANNOT BE THE ULTIMATE BENEFICIARY OF THE TAX CREDIT; THEREFORE, THE SMFB NMTC SUPPORT CORP WAS CREATED TO BE THE LENDER, WITH THE ALLIANCE BEING THE ULTIMATE BENEFICIARY OF THE TAX CREDITS.DURING FISCAL YEAR 2024, THE SUPPORT CORP PROVIDED A LEVERAGED LOAN TO AN INVESTMENT FUND ENTITY, WHICH SUBSEQUENTLY MADE A QUALIFIED EQUITY INVESTMENT (QEI) IN A QUALIFIED COMMUNITY DEVELOPMENT ENTITY (CDE) (EACH AS DEFINED IN I.R.C. SUBSECTION 45D). THE FUNDS GENERATED THROUGH THE NMTC PROGRAM ARE ULTIMATELY MADE AVAILABLE TO ST. MARY'S THROUGH A LOAN WITH A BELOW MARKET INTEREST RATE AND WILL BE USED BY ST. MARY'S TO FUND THE RENOVATION AND EXPANSION OF ITS FOOD DISTRIBUTION CAMPUS.GeographiesNot indicatedDatesJul 1, 2023 – Jun 30, 2024Source990No causes providedNo populations provided–$313.4K
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