Cherry Bekaert Attends Access to Capital Forum in Charleston, SC
Cherry Bekaert professionals Tammy Propst and Peter Byford attended the Access to Capital Forum in Charleston hosted by U.S. Comptroller of the Currency Brian Brooks with distinguished guests, HUD Secretary Ben Carson and U.S. Senator Tim Scott. The small group meeting welcomed nearly 50 bankers, developers, small business owners and advocates throughout South Carolina. Focusing on ways to expand opportunity and access to capital, the event identified new initiatives to support community development and further the investment and revitalization of underserved areas.
The Forum featured presentations of many low-income and underserved communities and highlighted two Tax Advantage Group (“TAG”) by Cherry Bekaert projects: Mount Zion Institute (Fairfield County Government Complex) and the International African American Museum. TAG supported the developer, 1st & Main Development, in structuring the financing for this public/private partnership that will deliver the first new office space to Fairfield County in over 80 years, while expanding services for low income residents living in the county.
Using a combination of Federal and state historic tax credits, state abandoned building tax credits, and both New Markets Tax Credits Allocation and permanent debt provided by South Carolina Community Loan Fund, TAG and the developer were able to successfully craft a finance plan for the project that would otherwise have been out of reach for the County. These projects will also create additional jobs for the communities and preserve historical structures that otherwise might be demolished.
After the event Pete Byford said, “It was great to have Secretary Carson, Senator Scott and Acting Director Brooks facilitate a much needed discussion about improving access to capital in disinvested communities, and we were proud to see our work to help redevelop the historic Mount Zion Institute highlighted as an example of bringing together a complex capital stack to support community development.”
Steps to take
For more on the event, read the full article released by Senator Scott’s office. If you need further assistance with Federal and State taxes, especially historic tax credits, please contact Tammy Propst, Peter Byford or a member of our tax team.