Urban Atlantic Affiliate is Awarded $35 Million to Generate Economic Opportunity Through New Markets Tax Credits

Award will build on Mid-City Community CDE record of investing in projects in under-invested communities and fostering billions in additional public and private investment.

(WASHINGTON, D.C.) —Mid-City Community CDE, an affiliate of Urban Atlantic, has been awarded $35 million in a New Markets Tax Credit (NMTC) allocation from the Community Development Financial Institutions Fund (CDFI), a department of the U.S. Department of Treasury that plays an important role in generating local economic growth and opportunity.  This is Mid-City Community CDE’s 12th award.

Over the past 20 years, Mid-City Community CDE has been awarded $419 million in allocation and invested it in NMTC urban and rural projects, from providing support for a minority LIC to create new retail options for an underserved community in Baltimore to a cheese processing plant in rural Humboldt, Tennessee.  As a result of the deployment of these New Market Tax Credits, Mid-City Community CDE has helped to create more than 12,000 jobs and build or improve more than 4.1 million square feet of retail, office and manufacturing space, plus an additional $1.8 billion in public and private investment.

“Too many communities continue to lack economic opportunity, jobs and critical services. This award will advance our determination to turn disinvestment into transformational investment.  With these New Markets Tax Credits, we are helping to build businesses, create quality accessible jobs, provide access to quality goods, services, and fresh food options, and make a real difference for the entire community,” said Lois Fried, Managing Partner of Urban Atlantic.

The partners of Urban Atlantic founded Mid-City Community CDE in 2002 to further its goal of strengthening communities through thoughtful investment. Mid-City Community CDE finances both operating businesses and real estate projects, working closely with communities to understand and answer needs from manufacturing jobs to neighborhood services to fresh foods and restaurants.

About Mid-City Community CDE

As a certified Community Development Entity (CDE), Mid-City works with under-served communities throughout the United States and Puerto Rico. To date, it has received $419 million in New Markets Tax Credits (NMTC) and used them to fund 43 successful projects in both rural and urban locations. They range from a grocery store in Atlanta, Georgia to a mixed-use historic transformation of an abandoned 1 million square foot Sears building into an urban village in Memphis, Tennessee; a highly catalytic mixed-use community driven redevelopment in the heart of rural Bennington, Vermont, to a pharmaceutical manufacturing plant in Manati, Puerto Rico. Visit www.midcitycommunitycde.com

About Urban Atlantic

Since its founding in 1998, Urban Atlantic has established a strong track record of successfully investing and developing in transformational, large-scale, urban communities. Urban Atlantic focuses on creating vibrant, mixed-use, mixed-income, TOD neighborhoods. Headquartered in the Washington metro area for 20 years, the firm’s portfolio includes over $2 billion in completed real estate developments, creating nearly 9,000 residential units and 1 million square feet of commercial space. Urban Atlantic’s third-party investments have leveraged an additional $2 billion in real estate developments and operating businesses in emerging markets. Visit www.urban-atlantic.com for more information.