New York, NY, Jan. 31, 2025 (GLOBE NEWSWIRE) — New York City Regional Center (“NYCRC”) is pleased to announce the closing of $15,000,000 in New Market Tax Credit financing to help fund impactful community programming and facility upgrades for The Town Hall, a national historic landmark located at 123 West 43rd Street. The $15 million of funding will assist the non-profit Town Hall Foundation continue its broad range of education and community programming for low-income populations as well as implement necessary building upgrades to the 60,000 square foot complex.
Built in 1921 and founded by members of the women’s suffrage movement, The Town Hall (www.thetownhall.org) has played host to over a century of the world’s greatest creative minds, thought leaders, and musicians. The Town Hall’s intimate atmosphere, exceptional acoustics, and unobstructed views of the stage from any seat in the house make it a cherished destination for audiences and performers alike. Today, this iconic New York City institution continues to curate a rich array of cultural and musical events while also serving thousands of K-12 public school students, formerly incarcerated individuals, and seniors through its robust community programs.
Launched in 1998, The Town Hall Education Outreach Program touches the lives of New Yorkers each year through partnerships with public schools, senior centers, and organizations devoted to assisting individuals impacted by the criminal justice system. The Town Hall Bridges Program is an initiative that seeks to empower and amplify the voices of young migrants in New York City. Repertory Company High School for Theatre Arts is a small performing arts high school inside The Town Hall, which offers a full academic program and comprehensive theatre arts classes.
The $15 million transaction utilized a portion of the New Market Tax Credit allocation awarded from the U.S. Department of Treasury to New York City Regional Community Development (NYCR-CDE), a Community Development Entity managed by NYCRC. To receive a New Market Tax Credit allocation award, NYCRC was required to demonstrate a mission and track record of providing investment capital for low-income communities. Examples of prior economic development projects over the past nine years utilizing NYCR-CDE tax credit financing include:
- Construction of the National Urban League’s new headquarters in Harlem
- Redevelopment of the Bedford Union Armory in Brooklyn
- Redevelopment of the Nike Armory Track & Field Center in Washington Heights
- Expansion of St. John’s Episcopal Hospital Center in Far Rockaway
- Construction of five charter schools in the Bronx (KIPP NYC Charter School, DREAM Charter School, Neighborhood Charter School, and Comp Sci High)
- Construction of two charter schools in Brooklyn (Achievement First and Ascend Charter School) and one charter school in Harlem (Promise Academy)
The New Market Tax Credit Program was created by Congress in 2000 in an effort to stimulate private investment and economic growth in low-income neighborhoods and rural communities that lack access to capital. Historically, low-income communities often have difficulty attracting investment. The program aims to break this cycle of disinvestment by attracting the private investment necessary to reinvigorate struggling local economies. Private capital is incentivized by providing federal income tax credits to investors in exchange for making equity investments in low-income neighborhoods.
About New York City Regional Center
NYCRC was approved by the United States Citizenship and Immigration Services in 2008 to secure foreign investment for real estate and infrastructure projects under the EB-5 Immigrant Investor Program. Congress created the EB-5 program to stimulate economic development through foreign investment. The program’s mandate is to use foreign investment to spur job creation while simultaneously affording eligible foreign investors the opportunity to become lawful permanent residents of the United States. NYCRC was the first EB-5 regional center approved in New York City.
Over the past 17 years, NYCRC has put $1.58 billion of EB-5 capital and $315 million of New Market Tax Credit capital to work across a broad spectrum of infrastructure and real estate projects in New York City. Much of this capital has been invested in low-income areas in need of long-term economic growth. Examples include:
- $873 million to finance ground-up, redevelopment, and infrastructure projects in Brooklyn, including seven projects totaling $385 million in the Brooklyn Navy Yard
- $321 million to finance ground-up construction in the Bronx
- $232.5 million to finance the construction of a public high-speed wireless infrastructure network in New York City subway stations and along city streets
- $127.5 million to finance ground-up and redevelopment projects in Washington Heights (an Upper Manhattan Empowerment Zone)
To date, 41 projects throughout New York City have utilized NYCRC financing to assist in the construction of over 5 million square feet of new development and renovation as well as critical infrastructure initiatives. In addition to fueling economic development, NYCRC offerings have enabled over 6,000 individuals from 24 different countries to become permanent residents of the United States through the EB-5 Immigrant Investor Program.
About the New Markets Tax Credit Program
Established by Congress in 2000, the New Markets Tax Credit Program assists economically distressed communities attract private investment capital. This federal tax credit helps to fill project financing gaps by enabling investors to make larger investments than would otherwise be possible. Communities benefit from the jobs associated with investments in manufacturing, retail, and technology. Communities also benefit from greater access to housing and public facilities in health, education, and childcare.
Through the New Market Tax Credit Program, the U.S. Department of Treasury allocates tax credit authority to Community Development Entities (CDEs) through a competitive application process. CDEs are financial intermediaries through which investment capital flows from an investor to a qualified business located in a low-income community. CDEs use their authority to offer tax credits to investors in exchange for equity in the CDE. The tax credit provided to the investor totals 39 percent of the cost of the investment and is claimed over a seven-year period. With these capital investments, CDEs can make loans and investments to businesses operating in distressed areas that have better rates, terms, and flexibility than the market. Historically, for every $1 invested by the federal government, the New Market Tax Credit Program awards generated $8 of private investment.
Since 2001, $81 billion in New Market Tax Credits have been invested in low-income communities resulting in the construction or rehabilitation of approximately 259 million square feet of commercial real estate.
NYCR-CDE, LLC is an Equal Opportunity Provider.
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