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Archives for February 2011

Louisiana CDEs predominate in latest NMTC allocation round

February 25, 2011 by Crescent Growth Capital, LLC

The Times-Picayune, February 25, 2011

Eight Louisiana community development entities — seven headquartered in New Orleans — won nearly 10 percent of all the New Markets Tax Credits allocations announced Thursday by the Treasury Department.

The awards are intended to stimulate economic and community development and job creation in low-income communities by permitting the selected financial institutions to make loans and investment they might not otherwise be able to make.

The $310 million awarded to the eight Louisiana institutions just about equals the $316 million allocated to nine CDEs in New York City, the other biggest beneficiary.

“The New Markets Tax Credit continues to be a tool for job-creation and economic revitalization in areas that struggle to attract investment because of poverty, unemployment and lack of opportunity,” said Donna Gambrell, director of the Treasury’s Community Development Financial Institutions Fund, noting that the 2nd Congressional District’s total of $257 million was more than that being directed to any other district in the nation.

“These organizations have and will continue to demonstrate why this tool has been so effective in making literally thousands of projects possible across Louisiana and the country and give Americans a chance to make a living, to start a business and to build a better future in areas that need it most,” Gambrell said.

The allocations for the seven recipients headquartered in New Orleans are $56 million for Advantage Capital Community Development Fund; $53 million for Whitney New Markets Fund; $42 million for AMCREF Community Capital; $35 million for Liberty Financial Services; $28 million for National Cities Fund; $28 million for First NBC Community Development Fund; and $15 million for Enhanced Community Development. The eighth recipient, of $53 million, is Stonehenge Community Development, based in Baton Rouge.

“The fact that our community has the highest amount of awards in the entire nation illustrates that we’re getting it right,” said Rep. Cedric Richmond, D-New Orleans. “The 2nd Congressional District of Louisiana has the right formula for venture capitalist investment in low-income communities. We’re making great investments to rebuild our city and get our neighbors back on the jobs, and it’s working.”

Sen. Mary Landrieu, D-La., said the “tax credits will have a significant impact in several Louisiana neighborhoods in desperate need of investment.”

The Louisiana community development entities — a legal term describing an institution whose prime mission, and accountability, is to low-income communities — have been helped in their efforts in past years by a companion state version of the credit, the enactment of which was a top achievement of Richmond’s service in the state Legislature.

That state allocation has now been exhausted.

The New Orleans entities, most of which received awards in past rounds, also benefited in the past from the expansion of the program under the Hurricane Katrina Gulf Opportunity Zone Act, which targeted recovery efforts after the storm.

Advantage Capital, which seeks to bring venture capital where it seldom goes, has won awards in seven of the eight rounds. While the use of the tax credits by Advantage, like the others, is not limited to Louisiana, managing director Michael Johnson said that “in the neighborhood of 25 to 30 percent of our allocations have been in Louisiana, focused primarily on south Louisiana.”

Alden McDonald, Liberty’s president and CEO, said that it had received $130 million in previous allocations, which had been used almost exclusively in the New Orleans metro area post-Katrina to help rebuild Holy Cross High School as well as bring back a hotel, a funeral home, an animal hospital and other small businesses. He said the new allocation may also go to spur projects in Kansas City, Mo.; Jackson, Miss.; Baton Rouge; and Detroit, as well as New Orleans, where he said one likely project is the renovation of the Saenger Theater on Canal Street.

AMCREF Community Capital, which has been receiving the credits since 2006, will focus its new allocation on renewable energy and green manufacturing, according to its president, Cliff Kenwood.

Filed Under: News Articles Tagged With: CDEs, New Markets Tax Credits, Post-Katrina Recovery

St. Margaret’s pushes for 2012 opening of nursing home within former Mercy Hospital

February 9, 2011 by Crescent Growth Capital, LLC

The Times-Picayune, February 8, 2011

In the next 60 days, contractors for St. Margaret’s Daughters, a Catholic church-affiliated nonprofit health-care provider, are scheduled to begin limited demolition work as part of the redevelopment of the old Lindy Boggs Medical Center in Mid-City.

The first phase of the redevelopment is a nursing facility projected to open in the summer of 2012, several months later than the target announced in April 2010 when St. Margaret’s bought the property on the corner of Bienville Street and North Jefferson Davis Parkway.

Jason Hemel, St. Margaret’s vice president for development, confirmed that his organization is in talks with a hospital operator about the yet-undetailed second phase: a small hospital. Addressing the Mid-City Neighborhood Organization this week, Hemel did not disclose the potential operator or the specifics of what kind of hospital or surgical center St. Margaret’s has in mind. He referred mostly to a “specialty hospital” and mentioned “30 to 50 beds,” but he did not explicitly rule out the possibility of a full-service hospital.

It is questionable how a full-service hospital in Mid-City would fit into a hospital market where existing hospitals like Tulane Medical Center and Touro Infirmary, to say nothing of the hundreds of additional beds that would come online with the completion of the planned University Medical Center and an eastern New Orleans hospital on the old Methodist Hospital campus.

Specialty hospitals that target customers for specific, often out-patient procedures – orthopedics, heart catheterizations – are increasingly commonplace in the U.S. health care system.

“In about six to eight months, we should have some more things to announce,” Hemel said.

St. Margaret’s executives have said that the end product would include physician offices, clinic spaces, rehabilitation services and a small surgical hospital, a complex modeled after the organization’s St. Luke’s Medical Center and St. Luke’s Living Center that opened last year in Algiers.

Hemel said St. Margaret’s also is considering a wellness center and is in discussions with a day-care provider for a facility that could serve employees and surrounding community members. “We don’t know exactly what it’s going to look like,” he said.

The demolition work will take about 45 to 60 days as architects finish the final plans for the new nursing home facilities will occupy about 100,000 square feet of what had been medical office buildings at Lindy Boggs. The entire complex is about 300,000 square feet.

Though plans are not final, Hemel said the concept envisions apartment-style rooms clustered in “neighborhoods,” rather than traditional long hallways with single and double rooms on each side. Plans call for 12 neighborhoods each with nine rooms. Each room will have its own kitchen, laundry and dining area.

“We’re trying to make it much more like being in your own home,” Hemel said, adding that St. Margaret’s executives have traveled extensively to see the same model in other cities.

The Lindy Boggs Medical Center, run by for-profit Tenet Healthcare Corp., suffered extensive flood damage from Hurricane Katrina and its levee breaches. The hospital never reopened after the flood.

Tenet sold the property to Victory Real Estate Investments, a Georgia firm that amassed several Mid-City properties with the intention of developing a Bienville retail corridor. That idea never materialized. Public records show that St. Margaret’s acquired the Lindy Boggs complex for $4.2 million.

St. Margaret’s Daughters, constituted in 1889, has been providing institutional health care since it opened a facility in the Holy Cross neighborhood in 1931. The agency’s Lower 9th Ward nursing home flooded during Katrina and has since reopened at 3419 St. Claude Avenue.

Filed Under: News Articles Tagged With: Adaptive Re-use, Healthcare/Wellness, Historic Preservation, Historic Rehabilitation, New Markets Tax Credits, New Orleans, Non-profits, Post-Katrina Recovery, State Historic Tax Credits

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