Organization: CBKC CDC, L.L.C.

Award: CBKC CDC, L.L.C. received a $50 million allocation in New Markets Tax Credits (NMTC) from the U.S. Department of the Treasury’s Community Development Financial Institutions (CDFI) Fund.

Background:

• Mission: CBKC CDC is affiliated with the Central Bank of Kansas City, which is committed to revitalizing urban cores and building wealth in low-income neighborhoods through strategic investments and community development projects.
• History of Awards: This $50 million allocation marks the ninth successful NMTC award for CBKC CDC, bringing their total to $456 million since the program’s inception. CBKC has consistently utilized these allocations to finance community development projects, stimulate economic growth, and create jobs in low-income areas.

Impact:

• Job Creation: CBKC’s NMTC projects have maintained and created over 5,800 direct full-time equivalent (FTE) jobs and 4,200 direct construction jobs.
• Community Development: The investments have led to the successful financing of 50 projects with total costs exceeding $1.9 billion, significantly enhancing the economic base of their communities.
• Projects: Past projects include the redevelopment of industrial sites, the construction of community facilities, and the support of local businesses, all aimed at improving the quality of life for residents in distressed areas.

Project Focus:

1. Industrial and Commercial Redevelopment: The new $50 million NMTC allocation will support the redevelopment of underutilized industrial and commercial spaces, transforming them into productive economic assets that can house new businesses and support job creation.
2. Support for Small Businesses: Part of the allocation will be used to provide financial support to small and medium-sized enterprises (SMEs), fostering entrepreneurship and business growth in underserved communities.
3. Community Facilities: Investments will also focus on the development of community facilities, such as healthcare centers, educational institutions, and social services, to enhance the overall quality of life for residents.

Significance: The NMTC allocation allows CBKC CDC to attract private investment to critical projects that might not otherwise receive funding. These investments are crucial for revitalizing economically distressed areas and improving the quality of life for residents in Kansas City and beyond.