The Innovate Fund Expands Service Area to Better Serve Low-Income Communities in Need
The Innovate Fund, a Certified Community Development Entity (CDE) with a focus on utilizing New Markets Tax Credits (NMTC) to transform low-income communities, is proud to announce that it has expanded its service area. The new service area now includes Virginia and West Virginia, in addition to its currently served states of South Carolina, North Carolina, Tennessee, and Georgia.
Since 2013, TIF has successfully invested $288MM of NMTCs into its service area, generating over 6,400 direct jobs and providing education and healthcare services to more than 250,000 low-income residents annually. With this expansion, TIF can continue its mission of serving low-income communities through the creation of quality jobs and investments in projects that reduce health disparities by expanding its services to even more individuals and families in need.
Virginia and West Virginia are in dire need of NMTCs. Despite opportunities for investment, both VA and WV have historically received fewer NMTCs than the rest of the nation. These two states are also located in the Appalachia region (26% of VA counties and 100% of WV counties), which has consistently fallen behind the rest of the country in several key economic indicators. These areas exhibit higher rates of poverty, lower per capita incomes, and lower rates of educational attainment. With the new expansion, The Innovate Fund will be able to fuel greater investment into these distressed Appalachian communities and raise them to a higher standard of living.
The Innovate Fund’s Operating Board President, David Barnett, expressed his excitement for the expanded service area when he commented, “We pride ourselves on The Innovate Fund’s ability to make such positive impacts on communities in need, and we see a lot of need in Virginia and West Virginia as evidenced by a long pipeline of projects that would like to access the New Markets Tax Credits. The Innovate Fund is perfectly positioned to invest in these states that have long suffered from a lack of traditional financing.”
The Innovate Fund is now looking for investment opportunities in VA and WV that will help create quality jobs and or reduce health disparities. To inquire about a potential partnership with The Innovate Fund, reach out to TIF’s program manager, Emma Wyatt, at emma@theinnovatefund.com.
