Driving Change: Finanta allocates $6M New Markets Tax Credits for ACANA Southwest Philly Revitalization
Driving Change: Finanta allocates $6M New Markets Tax Credits for ACANA Southwest Philly Revitalization
PHILADELPHIA (May 9, 2024) – Finanta, together with FINANTA, proudly announces its partnership with the African Cultural Alliance of North America (ACANA) in Southwest Philadelphia on a transformative initiative that uses New Markets Tax Credits (NMTC) allocation. This project, part of a three-phase revitalization endeavor, underscores our commitment to fostering vibrant communities in the City of Philadelphia.
This project will develop a vacant lot into a new 41,000-square-foot campus which will serve as the headquarters for ACANA and house a community center, a medical clinic, a childcare facility, a restaurant featuring cuisine from African nations and the offices for several prominent elected officials.
“This project exemplifies what New Markets Tax Credits can achieve,” says Daniel Betancourt, President and CEO of Finanta. “The new ACANA headquarters will spur economic development, provide resources, and attract new businesses and families to the area. We are proud to be a key part of its advancement.”
The new ACANA headquarters will be a cultural beacon in Africatown and is expected to create at least 156 new permanent jobs in the community, offer support to immigrants and established residents alike, create new retail space, and provide quality care to children aged 6 weeks to 6 years.
With a total project cost of $23 million, Finanta has supplied both a NMTC allocation of $6 million and a $2.5 million leverage loan participation.
The financing structure also includes NMTC funding from PIDC, EB-5 investment from Global City Regional Center, owner equity, senior debt financing from United Bank of Philadelphia and bridge loans from The Reinvestment Fund and Beech Capital Venture Corp. The project received numerous grants and support from the Federal, State and City levels, including funds from the Philadelphia Commerce Department and Community Project Funding from Rep. Mary Gay Scalon.
A launch event for the project is scheduled for October 2024 with further details to be announced soon.
About Finanta
Finanta is a nonprofit Community Development Financial Institution which helps communities grow and thrive by providing loans and resources in places where it is not usually available. For over 30 years, we have supported small businesses, nonprofits, and community projects across southern and eastern Pennsylvania, Delaware, and New Jersey. In 2022, we launched Finanta Credit Union to serve our community by offering responsible financial products and creating financial equity through wealth building opportunities. For inquiries, contact marketing@finanta.org. Learn more at finanta.org/nmtc
more information about this project: Voffee Jabateh on Philly’s new Africatown center – WHYY