Recent funding through New Markets Tax Credits is the first time that the Fort Smith, Arkansas community has benefitted from this program. Community School of the Arts received $25 million of tax credit allocation from New York City based Civic Builders and worked with HOPE (Hope Enterprise Corporation/Hope Credit Union) and the Low Income Investment Fund (LIIF) for lending needs and with Regions Bank, who provided the NMTC investment. This collaboration resulted in a net subsidy of approximately $5 million that is being used to complete the lobby area and classroom spaces of the 42,000 square feet. Center for the Creative Arts facility that will house arts education programs for children and youth of all ages and socio-economic backgrounds.
Read the press release.
Read the KNWA Fox 24 News, Fayetteville article.
Our organization looks to create an ecosystem of support in historically excluded communities, so this deal to construct the Community School of the Arts aligned with our strategic priorities, said We are proud to have partnered on this impactful deal via our $7 million participation in a $15 million loan led by Hope Federal Credit Union, leveraging the power of the federal New Markets Tax Credits program to create a tuition-free performing arts high school for the first time in Fort Smith.
LIIF Vice President for Community Facilities Lending and New Markets Tax Credits Amir Ali