Greenville development groups receive $115M in federal funding

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Two Greenville community development groups have benefited from the U.S. Department of Treasury’s new market tax credits, receiving a slice of $5 billion awarded through its Community Development Financial Institutions Fund.

The tax credits, awarded to a total of 102 Community Development Entities, or CDEs, are meant to spur investment and economic growth in low-income urban and rural communities nationwide, according to a U.S. Department of Treasury news release.

The two Greenville groups receiving funding are:

• TD Community Development Corp.: $65 million. TD Community Development Corporation is a certified Community Development Entity and wholly-owned subsidiary of TD Bank.
• The Innovate Fund LLC: $50 million. The Innovate Fund was founded by Tammy C. Propst, who serves as its operating officer. A recent business-related project included Arris Manufacturing in Clio ($15 million allocated in 2022); in the real estate sector, it allocated $16.5 million to the Judson Mill project in 2020 and $11.5 million to the Poe West development in Greenville in 2019.

“The New Markets Tax Credit plays a critical role in financing many vital businesses and community projects in our nation’s low-income communities,” said Assistant Secretary Graham Steele in the release. “The investments that will result from today’s announcement will help preserve and create hundreds of thousands of jobs and spur economic growth in these urban, rural, and Tribal communities across our country. It is important that Congress sustains these investments by making the New Markets Tax Credit permanent.”

The 102 CDEs receiving awards were selected from a pool of 197 applicants that requested an aggregate total of $14.8 billion in tax credit allocation authority, according to the release. The award recipients are headquartered in 36 different states and the District of Columbia. Over 20% of the investments will be made in rural communities. It is estimated that these award recipients will make nearly $1 billion in New Markets Tax Credit investments in non-metropolitan counties.

You can view the full list of recipients here.