Tax Advantage Group LLC, a consulting firm specializing in New Markets Tax Credit financing, ended the year with a $9.5 million deal to finance construction for Boys & Girls Club of Cabarrus County, a community facility located in Concord, N.C.
The Boys and Girls Club is expanding services through the construction of an additional 29,112 square feet of space at their current location, according to a news release. After the expansion, the club expects to open seven classrooms, a STEM teaching lab and dedicated space for teens.
The project will nearly double year-round student participation from 450 to 750 students and summer programming from 1,300 to 2,220 youth, according to the news release.
“This project is allowing the Boys and Girls Club to expand their service to all 22 Title I schools in Cabarrus County as well as their 21st Century Community Learning Center," Tammy Propst, president of Tax Advantage Group, said in the release. "Both of which are key initiatives for a student population, 76% of whom are low-income and 64% are minority.”
TAG has structured and facilitated New Markets Tax Credits investments totaling $760 million to 63 businesses and non-profits across the United States, the release said. The funds supplement nearly $1.5 billion in combined project costs.
Tax Advantage Group is headquartered in Greenville.p