FINAL FY23 Annual Report - Flipbook - Page 6
New Markets Tax Credits
New Markets Tax Credits (NMTC) continued to be a strong channel to create
investment and impact in low-income communities. In FY23 we closed on four
projects for a total of $57 million in NMTC investments. This supported over $134M
in total project financing costs with a net equity benefit of $55.9M to the projects.
Clifton Community
Resource Campus
The Clifton Community Resource
Campus is a $31 million project in
Mesa County working to address the
lack of childcare and early childhood
education (ECE) in the area. Mesa
County is considered a childcare
desert and only has enough providers
to serve 20% of children ages 0-5.
This resource campus will include an
ECE center to provide around 200
ECE spots, a training hub to create a
pipeline of licensed ECE providers,
and a gymnasium for the community.
CEF was able to provide $9 million in
NMTC to help make this a reality with
an open date coming in 2024.
Hotel St. Cloud
Hotel St. Cloud is an historic
landmark in downtown Canon City
that is being revitalized by Unbridled,
who is the developer and owner of
the property. With the help of CEF’s
NMTC financing, the restoration of
the property will bolster the
downtown economy and attract
tourism. Hotel St. Cloud is in a rural
area in southern Colorado with 14.6%
unemployment and a 34.8% poverty
rate. This project with its 115+ jobs will
have a catalytic impact, along with
Unbridled’s plans to redevelop six
other buildings, bringing quality jobs
and economic vibrancy to an
underserved area.
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