With the help of Sunflower Development Group, Reconciliation Services secured $10.5 million in New Market Tax Credits — $8.5 million from Enterprise Bank and Trust and $2 million from Capital One — in late August. Mathews said Enterprise then purchased the tax credits as the lead investor, which netted more than $3 million for the Reveal Strength Campaign.
“New Market Tax Credits are a fantastic tool, but one that’s not as commonly used by nonprofit projects,” he explained of the credits, which are designed to provide private-capital gap financing for commercial projects that stimulate economic growth in low-income areas. “I think it’s a wonderful story of economic community development in Kansas City that Reconciliation Services was able to obtain these tax credits and then use them to further the community work that we’re doing. It’s one thing to be doing a market-rate project and to apply for tax credits. It’s another thing to be doing a truly community-oriented development and to be awarded those tax credits was a tremendous blessing.”
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