Source: https://ubcommunitydevelopment.com/what-we-do/new-market-tax-credits/
Timestamp: 2018-09-26 02:30:38
Document Index: 552260699

Matched Legal Cases: ['art 2', 'art 3', 'art 4', 'art 5', 'art 6', 'art 7']

New Market Tax Credits – UB Community Development
New Market Tax Credits	Kailey Allred	2018-04-25T21:31:25+00:00
UB Community Development LLC (UBCD), a Community Development partner of United Bank, offers New Market Tax Credits as part of a federal tax credit program enacted by Congress in 2000, designed to stimulate private investment in low income urban neighborhoods and rural communities.
UBCD uses New Market Tax Credits to help fund small businesses and finance projects related to education, healthcare, manufacturing, hospitality, non-profits and community centers. The projects funded through UBCD’s New Market Tax credits are creating jobs in low-income communities, providing goods, services and housing options and improving access to quality healthcare and affordable food options in low income areas.
Our past performance as an experienced leverage lender in NMTC transactions coupled with our passion for improving the world around us, make UBCD Alabama’s premier financial partner for rural economic and community development.
To learn more about New Market Tax Credits or to find out if your project qualifies for NMTC funding, contact us.
UBCD’s New Market Tax Credit program and Community Facilities Loan Program options provide funding solutions for community development projects located in qualifying census tracts. To see if your project qualifies or to learn more about the designated qualifying census tracts, click the button below.
View Map For NMTC Eligibility
New Markets Tax Credit Program Intake Form
UB Community Development utilizes its New Market Transaction to provide flexible capital to low-income communities throughout the State of Alabama and the counties of Escambia, Okaloosa, and Santa Rosa County in Florida. UB Community Development will utilize its NMTC allocation to target projects in highly-distressed predominately rural communities that are in direct alignment with the community needs, create quality and accessible jobs in low-income communities through its equity equivalent product and small business loan pool products.
Note: This questionnaire relates only to the eligibility and community impact of a proposed transaction for the NMTC Program. This questionnaire is not an application for credit.
Please complete the online questionnaire below, or if you prefer, download the PDF here.
Project/Business Specific Address*
If multiple addresses are involved please submit a separate listing of all addresses and associated census tracts.
NMTC Eligibility*
Is the project in an NMTC eligible Census Tract?
Developer/Project Sponsor Contact Information
(nonprofit, for profit, LLC, partnership, etc)
Part 2. Project Specific Information
Provide a detailed narrative description of the project:*
Part 3. Financial Profile/Sources
Requested NMTC Financing*
Anticipated Closing Date*
Please provide the type (Debt, Grant, Equity, other tax credits, etc.), amount, source and status (see options below) of other project financing.*
Status (Attach copies of any letters that apply): Disbursed: Funds have been given to the borrower and distributed for use, Commitment Letter: The borrower has received a legally binding commitment from the lender. Term Sheet: Financing contingent on approval and verification of assumptions. The lender is not legally bound. Committee, Board or Public Approvals: The borrower has received approval for private or public additional funding. Application Pending- Borrower has submitted application for funding but has not received a decision by time of this writing. Estimate: An informal, preliminary estimate of available funds. Other: Please explain.
Why does this project need NMTCs?*
(Example: budget gap, inadequate state/local government support, land constraints, high rental rates, etc.)
Part 4. Community Profile
Is your business located in any of the following?
Federally designated Empowerment Zone, Enterprise Community or Renewal Community
US Small Business Administration (SBA) designated HUB Zone, to the extent that the QLICIs will support businesses that obtain HUB Zone certification from the SBA
Area encompassed by a HOPE VI redevelopment plan
Federally designated medically underserved area, to the extent that QLICI activities will support health related services
State or local tax-increment financing district, enterprise zone program, or other similar state/local program
A USDA Federally designated Food Desert, to the extent that the QLICIs will provide food related services
Census tract with poverty rate greater than 30%?
Census tract that (a) if located within a Non-Metropolitan Area, has a median family income that does not exceed 60% of statewide median family income; or (b) if located within a Metropolitan Area, has a median family income that does not exceed 60% of the greater statewide median family income of the Metropolitan Area median family income?
Census tract with unemployment rates at least 1.5 times the national average
Support of the Local Community
Is this project part of a larger, comprehensive revitalization plan sponsored by local government planners and/or local economic development groups? If yes, please provide a copy of any written redevelopment plan or other related materials.*
If you answered yes above, please provide a brief explanation.
Is the project receiving any financial subsidy from the local or state government to support the Project?*
Does the Project have a letter of support or able to obtain a letter of support from a local elected official?*
Is the project working with a local community/economic development organization*
Part 5: Community Impacts
Describe and specifically quantify the positive community impact based on the NMTC Program’s objectives: job creation or retention; increased wages or wealth creation for residents of low-income communities; assisting businesses owned by low-income persons or providing goods or services to residents of low-income communities; assisting businesses that provide childcare, health care, educational or other benefits. Address the following questions and provide any supplemental information that would be helpful in evaluating the community impact.
Construction Jobs: Please complete if the Project includes construction activities
What are the expected hard construction costs?
How many construction jobs are expected to be created by this project?
What is the expected average salary for these jobs?
Will the construction process provide job training or other skills to employees of the community?
Permanent Job Creation/Retention
Job Type (i.e. Management, etc.)
# of Full-time Equivalent Jobs Created
# of Full-time Equivalent Jobs Maintained/Retained
# and % of Jobs Accessible to Low-Income Persons
Low-income accessible jobs are based on educational attainment requirements and are deemed accessible if the job does not require more than a high school education.
What type of benefits will employees be provided (Please provide specific information.)*
Is the project creating new jobs that can be filled by residents of the project’s specific or neighboring low-income community as distinct from importing workers from other communities? If so, how is the Project targeting these residents and what type of jobs will be offered?*
Please describe the project’s strategy for creating training and advancement programs for employees.*
Commercial Goods/Services
Will the project provide vital commercial goods and services to residents of the low-income community (grocery, retail, restaurants)?*
What is the Trade Area in miles from the Project site for these commercial goods and services?
Will the project provide vital community services to residents of the low-income community (social, educational, health care, or cultural, etc.)?*
What is the capacity of the community service (daycare slots, patients served, etc.):
Does the project create environmentally sustainable outcomes through green building concepts, location near mass transit, use of innovative technology, adaptive reuse of existing building or materials, etc.? Will the building be LEED certified, or does the project qualify or meet other environmental certification/standards?*
Is the project the first phase of a master plan or larger development plan in the community?*
Part 6: QALICB Requirements
Are any of the following businesses conducted by the borrower or at the subject real estate: massage parlor; hot tub facility; suntan facility; country club; racetrack or other facility used for gambling; store whose principal purpose is the sale of alcoholic beverages for consumption off premises; development or holding of intangibles for sale; pay day lenders; private or commercial golf course?*
Do any of the revenues of the borrowing entity come from the rental of residential property (apartments or live/work units)?*
If yes, United Bank cannot provide NMTC allocation based on its allocation agreement.
What entity type is the borrowing entity (corporation/LLC/partnership)?*
Is the borrowing entity a Special Purpose Entity comprising of only the subject real estate, as distinct from an operating business?*
Does the borrowing entity have multiple locations?*
If yes, list the number of locations other than the subject, and addresses of each.
Does or will the borrowing entity have employees?*
If yes, list the number and locations where the employees work. I.e.: 100% at subject location or other? Specify locations.
Note: At least 50% of the services performed by employees must be performed in a Low Income Community.
Do 100% of the entity’s revenues come from activities performed at the subject location?*
This will be documented from tax returns, pro-formas or other sources prior to closing. Note: At least 50% of the borrower’s revenue must be earned at the subject location.
Does the borrowing entity own or lease tangible property such as inventory, equipment, vehicles?*
If yes, list the number and locations where the tangible property is located. I.e.: 100% at subject location or other? Specify locations.
Does the borrowing entity have collectibles not held for sale in the ordinary course of business (e.g., antiques or artwork) or nonqualified financial property?*
Nonqualified financial property means debt, stock, partnership interests, options, futures contracts, forward contracts, warrants, notional principal contracts, annuities, and other similar property specified in regulations; except that such term shall NOT include: (1) reasonable amounts of working capital held in cash, cash equivalents, or debt instruments with a term of 18 months or less, or (2) debt instruments described in IRC section 1221(a)(4).
Part 7: Applicant Declarations
Has the applicant, its ownership parties, principal(s) or any related party to the applicant ever been convicted of any criminal offenses other than minor motor vehicle violations?*
Do any unsatisfied judgments exist against the applicant, any ownership parties, principal(s) or any related party to the applicant?*
I/We hereby Certify that all of the information in this application, and any other material provided in connection herewith, is true, accurate correct and complete and that if there are any changes in the accuracy or completeness of the information presented herein, such new information will be immediately disclosed in writing. I/We will not rely and have not relied in any fashion on the receipt of or anticipation of the receipt of an allocation of tax credits as a result of this application. I/We hereby release and discharge United Bancorp of Alabama together with their subsidiaries, affiliates, employees, agents, consultants, directors, and other related parties, from any and all rights and obligations, duties, claims, debts, actions causes of action or liabilities arising out of, or relating to, the seeking or receipt of a New Market Tax Credit allocation and related documents.
Typed Name: (Project Sponsor/ Developer of Representative thereof)*
© Copyright 2018 UB Community Development LLC, a community development partner of United Bank | All Rights Reserved | Website by 24 Communications