NMTCs Support Hundreds of Small and Minority-Owned Businesses
More than 200 commercial businesses, 200 craftspeople and 100 farmers make their living operating out of Seattle’s Pike Place Market. The market’s commercial tenants include a community medical clinic, senior service center, food bank and childcare center. A large portion of the market’s 500 businesses are low-income and/or minority-owned. The market complex also provides housing for more than 500 low-income residents.
The market grounds are getting long-overdue upgrades supported through a tax levy and the New Market Tax Credit program. LIIF, Kitsap County and Seattle Investment Fund LLC all contributed NMTC allocations to finance the second phase of the market’s renovations. U.S. Bancorp Community Development Corporation provided the equity for the NMTC transaction. The NTMC financing was critical in ensuring that the vendors displaced during the renovations could keep operating their businesses.Source: Novogradac Journal of Tax Credits