New Markets Tax Credits

Food Bank of the Rockies (2023)

Food Bank of the Rockies (FBR) is a nonprofit organization that solicits, collects, and distributes food to those in need of assistance. It is the largest hunger relief organization in the Rocky Mountain region, distributing upwards of 178,000 meals every day. Food distribution in Western Colorado had begun to outpace the capacity of the distribution facility in Palisade well before COVID, but the pandemic heightened the need for a larger space. Therefore, FBR relocated to a new distribution center in Grand Junction to increase distribution volume by 48% in the Western Slope over the next four years.  

The NMTC loan is being used to: 

• Cover increases in operating costs at the new Western Slope facility, including food purchases and payroll.  

Benefits of the project to the community:  

• Creation and retention of 38 full-time permanent jobs (96% will be quality jobs* & 100% will be accessible to low-income persons or residents of low-income communities). 
• The facility will distribute 16 million pounds of food and serve 50,400 low-income individuals annually. 

*Quality jobs offer wages in excess of the local living wage and/or employer-sponsored benefits 

Vail Health Services (2023)

Vail Health Services (VHS) ia a nonprofit community healthcare system serving Eagle & Summit counties in Colorado. What began as a single health clinic has expanded into a full-service hospital & 12 health service locations.  Despite this growth, there remains a critical need for mental health services, especially inpatient care facilities. Currently, community members must travel a minimum of two hours to reach the closest psychiatric hospitals. 

The NMTC loan is being used to: 

• Construct a new 45,000 sf inpatient psychiatric care facility, the Precourt Healing Center.  This will be a 3-story building with 28 inpatient beds (14 adult/14 adolescent).   
• Remodel the Wiegers Clinic, an outpatient mental health facility. 

Benefits of the project to the community: 

• Create 129 temporary jobs (95% will be quality jobs* & 85% expected to be accessible to low-income persons or residents of low-income communities). 
• Create or retain 116 permanent jobs (100% will be quality jobs* & 90% will be accessible to low-income persons or residents of low-income communities).  
• Precourt Healing Center will serve approximately 686 patients annually and Wiegers Clinic is expected to serve approximately 1,550 patients annually. At least 60% of patients are expected to be low-income persons or residents of low-income communities.  

*Quality jobs offer wages in excess of the local living wage and/or employer-sponsored benefits.  

Hotel St. Cloud (2022)

Hotel St. Cloud will serve as a catalyst to help revitalize downtown Canon City and bolster the local economy. This project along with other revitalization efforts will create quality, living wage jobs to ensure a diverse economic base, a resilient and growing tax base, and long-term economic vitality for local businesses.

Unbridled, an event management company in Colorado, purchased Hotel St. Cloud in 2018. With the help of many private and public parties, including a $3 million Community Revitalization Grant from the Colorado Office of Economic Development and International Trade (OEDIT) and a New Market Tax Credit financing of $9 million from Colorado Enterprise Fund, this $15 million project will break ground November 2022. 

Hotel St. Cloud is located in Canon City which is an area with a 14.6% unemployment rate, 34.8% poverty rate, and a 51.5% median family income. Unbridled used a NMTC to: 

• Renovate a 26,000 sf 19th-century historic structure to include a bar, three restaurants, and a boutique hotel.

Benefits of the project to the community:

• Create 59 full-time temporary construction jobs (80% expected to be filled by Targeted Job Seekers*)
• Create 39 full-time permanent jobs in the hospitality industry (93% expected to be filled by Targeted Job Seekers*)
• Increase tourism and hospitality to bolster the local economy 

*Targeted Job Seekers = low-income person, resident of a low-income community, person with lower levels of education, or person that faces barriers to employment. 

Clifton Community Resource Campus (2022)

Clifton Community Resource Campus is a 20-acre development in Mesa County being constructed to address several needs in the community, notably the severe shortage of childcare and early childhood education (ECE) services. Mesa County is considered a childcare desert and has only enough licensed childcare providers to serve 20% of children ages 0-5. This new community resource campus is located in a distressed area with a 29% poverty rate, a 15.9% unemployment rate, and a family median income of 51.8%. The NMTC loan is being used to:

• Create a community resource campus to include a 22,690 square-foot ECE center, an 11,944 square-foot ECE training hub, and an 11,970 square-foot gymnasium with space for community events.

Benefits of the project to the community: 

• Create approximately 73 temporary jobs (100% expected to be filled by Targeted Job Seekers*)
• Create 59 permanent jobs (87% expected to be filled by Targeted Job Seekers*)
• The new ECE center will provide 154 early childhood education seats of which 95% are expected to be filled by low-income persons or residents of low-income communities. 
• The ECE training hub will help create a pipeline of licensed ECE service providers.

*Targeted Job Seekers = low-income person, resident of a low-income community, person with lower levels of education, or person that faces barriers to employment. 

indieDwell Colorado (2021) 

indieDwell Colorado is a 501c3 nonprofit organization based in Pueblo that seeks to change the building industry by offering high-quality, durable, sustainable, energy-efficient homes to underserved communities.  The facility is located in a distressed area with a 21.2% unemployment rate, a median family income of 35.9%, and a 44.8% poverty rate.  indieDwell Colorado used an NMTC loan to: 

• Finance a portion of its operating expenses for two production lines being added at the facility to keep up with demand for affordable housing modular units.

Benefits of the project to the community:

• Retained 58 permanent jobs 
• Created 113 permanent jobs
• 86% of permanent positions filled by Targeted Job Seekers*

*Targeted Job Seekers = low-income person, resident of a low-income community, person with lower levels of education, or person that faces barriers to employment.