CHICAGO-Urban Development Fund LLC, an affiliate of Aries Capital, has received an allocation totaling $35 million under the New Markets Tax Credit program for use in the recovery and redevelopment of low-income communities across the US. This is the organization’s sixth NMTC award, bringing the total allocation dollars received to-date to $292.5 million.
Neil D. Freeman, president of UDF points out that “The most recent NMTC allocation is a direct testament to the dedication of the team at UDF.” He adds that “UDF is committed to researching redevelopment projects that will provide a significant economic impact to their communities such as the St. Charles Hilton in New Orleans, La Gran Plaza in Ft. Worth, and Roseland Medical Center in Chicago.”
In addition, Freeman says that UDF has also supported community facilities including Briscoe Art Museum in San Antonio and Clemens Center Theater in Elmira, NY. “Additionally, the allocations have enabled UDF to assist in the Hurricane Katrina Gulf Opportunity Zone, an area that was, and still is, in dire need of new economic endeavors. We look forward to continuing our work throughout the country with this new allocation,” he says.
Established by Congress, the NMTC was created to stimulate economic opportunity and job creation in low-income communities. The program permits individual and corporate taxpayers to receive a credit against Federal Income taxes for making Qualified Investments in investment vehicles known as Community Development Entities.
UDF will provide debt and equity financing at favorable terms to rehabilitate real estate in low-income communities across the country. UDF’s primary focus is the redevelopment of retail, hotel, industrial, office space, and community centers to increase employment opportunities for the residents of low-income communities. With this additional allocation, UDF intends to support projects that will provide much needed jobs, healthcare, and other goods and services to residents of low-income communities, according to a prepared statement.
“We are humbled to have received our sixth allocation from the U.S. Department of Treasury,” says Michael Qualizza, CFO of UDF. “Funding low-income urban communities throughout the past several years has been an incredible experience. We have been able to assist with vital redevelopment projects which otherwise might have gone to the wayside. We are grateful for this new opportunity and look forward to continuing our efforts.” Urban Development Fund was formed by Aries Capital to provide capital to developers of real estate projects that have a catalytic impact on community revitalization in underserved urban markets.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
