City of Atlanta Receives $45 Million Federal Allocation for Community Investment
Thursday, November 10th, 2022
Mayor Andre Dickens announced that Invest Atlanta—through Atlanta Emerging Markets Inc. (AEMI)—has received a $45 million New Markets Tax Credit (NMTC) allocation from the U.S. Department of the Treasury. This investment will be used for economic development projects that create jobs and revitalize Atlanta neighborhoods. The award is the second consecutive allocation provided to AEMI, bringing a total of $95 million in additional economic development funding to Atlanta within the last two years through the City’s NMTC program.
“Atlanta’s New Markets Tax Credit program is an invaluable investment made directly into our city, bringing new community centers to our neighborhoods and funding high-impact businesses that employ Atlantans. Thank you to the Biden Administration and the Department of Treasury for continuing to recognize NMTC’s positive impact in our communities,” said Atlanta Mayor Andre Dickens.
Congress established the NMTC program in 2000 to attract investment to areas with low median income and high unemployment. The NMTC program takes private equity contributed by investors and turns it into gap financing for redevelopment projects. Atlanta Emerging Markets, Inc. is one of only four Community Development entities in the state of Georgia to receive an award this year.
“Through the City of Atlanta’s New Markets Tax Credit program, AEMI continues to make very meaningful investments in our communities that change not only neighborhoods but also the lives of residents living in them,” said Dr. Eloisa Klementich, president and CEO of Invest Atlanta. “Since 2010, AEMI has invested $313 million in 62 projects creating 3,754 new jobs, and we look forward to seeing this successful strategy continue with this latest allocation.”
Some of AEMI’s recent NMTC investments include:
Trees Atlanta – a $13 million investment to support the development of the organization’s new headquarters in southwest Atlanta. Trees Atlanta is creating a greener future by protecting and expanding Atlanta’s tree canopy through forest restoration, youth education and advocacy in addition to job creation.
Young Family YMCA – a $10 million investment to renovate the facility (located at 2220 Campbellton Rd SW) will serve 4,200 residents annually. A vital neighborhood hub that offers healthcare programming, a food pantry, and other community services, this project will afford residents in SW Atlanta the same access to programming and best in class facilities as other parts of the city.
Pittsburgh Yards – a $6.5 million AEMI investment to help finance redevelopment at 352 University Avenue in Southwest Atlanta. The project led by the Annie E. Casey Foundation will create a vibrant, living-wage ecosystem that clusters a range of businesses together, including industrial, office, administrative, artistic and creative enterprises.