AMCREF provided $12 million of NMTC financing to Meredian Bioplastics, Inc., an innovative green technology company manufacturing a biomass-based biodegradable polymer coating.  Meredian's patented bioplastics will be used as an environmentally friendly substitute for common existing petroleum-based coatings, such as polystyrene and polypropylene, which inhibit recycling and biodegradation.  Use of Meredian's polymer coating on products such as paper cups and food packaging can decrease the use of petroleum, reduce landfill waste and improve the products' ability to biodegrade and be recycled.

AMCREF was awarded $60 million in New Markets Tax Credit (NMTC) allocation from the U.S. Treasury’s Community Development Financial Institutions (CDFI) Fund. The allocation was part of $3.623 billion in NMTCs awarded to 70 Community Development Entities nationwide. Since 2006, AMCREF has been awarded $222.5 million in NMTCs. 

AMCREF will use its NMTCs in low-income communities in the Southeast, with particular focus on AL, AR, FL, LA, MS, NC, and TX to: support and grow businesses that create quality jobs and generate environmental benefits; provide flexible, low cost capital to innovative, startup, early stage and nonprofit businesses that are typically underserved by traditional lending institutions; and target non-metropolitan counties, areas that have experienced job losses and regions recovering from natural and environmental disasters. Businesses and non-profits targeted by AMCREF will include: 

• Renewable energy projects; 
• Green manufacturers; 
• Producers of advanced biofuels and renewable chemicals;
• Businesses impacted by natural or environmental disasters;
• Educational/community centers incorporating LEED standards;
• Businesses and institutions involved in disaster recovery and preparedness; and 
• Energy efficiency and pollution reduction projects.

For more information, please contact Susan Seagren at 504-899-8780 or susan@amcref.com.

AMCREF is proud to announce that the St. Thomas Community Health Center has been recognized as a Novogradac Journal of Tax Credits Development of Distinction for its vision and outstanding contributions and use of Historic Tax Credits. St. Thomas Community Health Center serves as a sterling example of how tax credits may be used to meet community needs. AMCREF acted as financial advisor for the transaction and accepted the award in Miami, FL at Novogradac’s 18th Annual Tax Credit Developers conference. For more information on St. Thomas Community Health Center please visit www.stthomaschc.org or for more information on the Development of Distinction awards please visit www.novoco.com/dod.php.

AMCREF provided $8.5 million of NMTC financing to a subsidiary of Jordan Lumber & Supply Inc., a family-owned and operated sustainable forest products company with fee timberland, sawmills and chip mills. Founded in 1939, Jordan is headquartered in Montgomery County, NC, where it is the fifth largest employer in a county that is suffering from 13% unemployment. The newly formed subsidiary owns and manages over 20,000 acres of timberland located primarily in highly distressed low income census tracts in North Carolina, 100% of which are located within non-metropolitan census tracts. Jordan has a history of managing its timberland in accordance with Sustainable Forestry Initiative (“SFI”) standards and has committed to maintain SFI compliance. For more information on Jordan please visit jordanlumber.com or Sustainable Forestry Initiative standards please visit sfiprogram.org.

AMCREF closed an innovative financing package to Harbor Wind, LLC, which combines AMCREF’s New Markets Tax Credits with a Section 1603 Cash Grant to fund a 9 megawatt six-turbine shoreline wind power project at the Port of Corpus Christi, Texas. The veteran-owned small business has worked with the port since 2006 to build the first-of-its-kind project, which will benefit from both the construction advantages of onshore projects and the wind resource advantages of offshore projects.

AMCREF provided $8.4 million of NMTC financing to Gulf Coast Agricultural and Seafood Co-Op (GCASC), to develop and operate a first-of-its-kind green manufacturing facility turning seafood processing waste into highly desirable fertilizer.  The innovative plant is applying for LEED Gold certification and incorporates numerous environmentally beneficial features, including being powered by self-generated methane biogas and solar energy.  Located in Bayou LaBatre, Alabama, GCASC was formed by 23 local shrimp and crab companies that were having difficulty disposing of seafood processing waste after their previous facility was destroyed by Hurricane Katrina. The new facility offers GCASC members an alternative by processing the seafood waste locally and turning it into marketable products.  At full capacity the facility will process more than 10,000 tons of seafood waste annually, creating 2,500 tons of fertilizer per year, greatly reducing the waste processing expenses and providing an additional revenue stream for GCASC members.

AMCREF provided $10 million of NMTC financing to Broadwind Services, LLC, a subsidiary of Broadwind Energy Inc. (NASDAQ: BWEN). Broadwind will use the NMTC financing to create a $10.7 million state-of-the-art wind turbine gearbox remanufacturing and repair facility located in Abilene, TX. The gearbox is the portion of a wind turbine requiring the most maintenance and repairs. To avoid downtime, wind farm owners have traditionally purchased new gearboxes instead of repairing their old ones, which is costly and produces landfill waste. Broadwind’s lower-cost refurbished gearboxes will help the wind energy industry become more affordable and environmentally efficient. The facility will provide an integral service that is currently unavailable in the US. Broadwind is a US-based energy and infrastructure-focused company with more than 800 employees that helps support America’s need for domestic energy. The new gearbox facility will provide a valuable additional revenue stream for the company and help to strengthen their service offerings. In January 2011, President Obama visited green manufacturers, including Broadwind’s wind turbine tower plant, highlighting their role in green job creation, renewable energy innovation and national security. For more information, please visit www.bwen.com

AMCREF created AMCREF Community Loan Fund, a nonprofit evergreen fund financed by the proceeds from AMCREF's NMTC investments. The fund will provide financing to disadvantaged-businesses and low-income communities, extending the community impacts of AMCREF’s NMTC investments at no additional cost to the taxpayer.

AMCREF and its Advisory Board donated more than $12,500 to various non-profit organizations in 2011. Among the recipients was the Gulf Oil Spill Fund of the Greater New Orleans Foundation, helping the communities most affected by the Gulf Oil Spill in Plaquemines, St. Bernard, and lower Jefferson Parishes by acting as a conduit between the donor community and various nonprofit partners. The donations also supported two Mississippi public high schools in their efforts to compete in the Solar Car Challenge, a program teaching science and engineering students build and safely race roadworthy solar cars. Other donation recipients included: The American Red Cross - Japan Fund, National Center For Appropriate Technology, SJF Institute and Habitat for Humanity-Texas.

AMCREF Small Deals Fund provided solar equipment lease financing to St. Martin's Episcopal School, a pre-k – 12, co-ed school, in Metairie, LA. The solar equipment will help make the school more energy efficient while lowering their energy costs.

The Reznick Group, P.C., a top 20 national accounting, tax and businesses advisory firm, debuted a case study video highlighting AMCREF’s creative NMTC structure and financing of Make it Right at the 2011 NMTC Summit in Miami, FL. The video showcases the community and environmental impacts created through NMTC financing, and how AMCREF and other CDEs helped redevelop an area devastated by Hurricane Katrina. To view the video, please visit, reznickgroup.com/resource-centers/new-markets-tax-credits/videos or for more information on Make it Right please visit, makeitrightnola.org/. 

AMCREF served as financial advisor to St. Thomas Community Health Clinic. AMCREF assisted in raising approximately $5.9 million in tax credit and other financing for an $8.1 million project to significantly expand and improve health care services for uninsured patients in Greater New Orleans. For more information, please visit www.stthomaschc.org

AMCREF was awarded $42 million in New Market Tax Credit (NMTC) allocation from the U.S. Treasury’s Community Development Financial Institutions (CDFI) Fund. The allocation was part of $3.5 billion in NMTCs awarded to 99 Community Development Entities nationwide. Since 2006, AMCREF has been awarded $162.5 million in NMTCs. 

AMCREF will use its NMTCs in low-income communities in AL, FL, LA, MS, NC, and TX to: support and grow businesses in the Southeast that create jobs while providing environmental benefits, and help the Gulf Coast recover from the effects of the 2010 Gulf of Mexico Oil Spill. 

Businesses and non-profits targeted by AMCREF will include: 

• Renewable energy, biofuels and green manufacturers;
• Businesses adversely impacted by the Gulf Oil Spill;
• Environmental remediation businesses involved in oil spill and wetland recovery; 
• Businesses and research institutions working to prevent and/or mitigate the effects of future environmental disasters;
• Education, community or medical centers incorporating green building practices; and 
• Energy efficiency and pollution reduction projects. 

For more information, please contact Susan Seagren at 504-899-8780 or susan@amcref.com.

The AMCREF Small Deals Fund provided the first $33,000 of a $100,000 commitment to the New Orleans Startup Fund, the region's first non-profit evergreen seed fund. The fund focuses on business creation and innovation in the Greater New Orleans region. AMCREF Principal, Knox Clark, serves on the Startup Fund's Board of Directors and Investment Committee. For more information, please visit www.neworleansstartupfund.org

AMCREF provided $15.7 million of NMTC financing to BTH Quitman Hickory, LLC (BTHQ), a rural producer of torrefied wood pellets. Torrefaction is the process of treating wood or other biomass to create a product that: 1) has increased energy density; 2) is easy to handle and transport; and 3) can replace a portion of the coal used by existing coal-fired power plants, thereby reducing emissions. Torrefied wood is recognized internationally as a source of clean, green energy with long‐term carbon neutrality. The BTHQ facility is located in a rural, highly-distressed census tract in Quitman, MS. It will utilize wood waste purchased from the surrounding community, such as pine thinnings and sawmill residuals, and will be the first utility scale torrefaction facility in the U.S.

At the 2010 NMTC Investors Conference in Chicago, AMCREF received its fourth national award from the Novogradac Community Development Foundation. The foundation awarded AMCREF a runner-up award in the Non-Metro QLICI category for its investment in Rex Lumber, Brookhaven, a state-of-the-art lumber mill using industry leading efficiency technology and sustainable forestry practices.

AMCREF provided $13 million of NMTC financing to Rex Lumber, an 84-year-old, family owned and operated lumber company renovating a closed lumber mill. Located in a highly distressed rural census tract in Brookhaven, MS, the mill will be a state-of-the-art southern yellow pine lumber manufacturing facility introducing sustainable forestry practices to their supply chain, and implementing efficiency improvements that will reduce emissions by 40%, and increase yield-per-tree to industry-leading levels. In September 2009, the previous mill owner was forced to shut down due to financial losses as a result of processing inefficiencies. This had a significant adverse affect on this small, rural community and resulted in the loss of 150 jobs. The new, majority women owners have a history of purchasing inefficient mills and returning them to profitable operations.

AMCREF provided $7 million of NMTC financing to Coastal Carolina Clean Power, LLC (CCCP), a 28MW biomass power and steam cogeneration facility located in highly distressed rural community in Kenansville, NC. CCCP converted a closed coal power plant to a renewable energy facility utilizing wood waste. The facility is a valuable source of baseload, renewable power that is sold to a local utility via a power purchase agreement (PPA). CCCP is one of the first utility scale woody biomass power plants in NC and was the first such facility certified to earn Renewable Energy Credits (RECs) under North Carolina’s Renewable Portfolio Standard (RPS). The facility also serves as a reliable, lower cost source of steam for a nearby textile plant, which is a major employer in the community.

AMCREF and it's Advisory Board members, made a $12,000  donation to The Roots of Music, a New Orleans non-profit music education program. The Roots of Music is a free, year-round, music education program for middle school children in New Orleans. More at www.therootsofmusic.com

AMCREF provided $6 million of GO Zone NMTC financing to the non-profit YMCA of Greater New Orleans, Louisiana (YMCA). The YMCA is building a new, 21,000 sq ft. community facility in Belle Chasse, LA in Plaquemines Parish, an area severely impacted by Hurricane Katrina in 2005 and the 2010 Gulf of Mexico Oil Spill. The facility is designed to be a safe, family entertainment facility rather than just an athletic complex. It will serve 4,800 members and an additional 2,200 people through childcare, youth sports and leaderships programs, aquatics, and senior activities. Furthermore, the project will incorporate numerous green building attributes.

AMCREF provided $5.7 million of NMTC financing to the non-profit Ursuline Academy, a 283-year-old, pre-K through 12th grade school for girls in New Orleans, LA. Ursuline is developing a new Early Childhood Learning Center (ECLC) featuring state-of-the-art and cutting edge best practices, methodologies and theories in early childhood development. The ECLE will be located in a vacant building on the school’s campus that flooded in the aftermath of Hurricane Katrina in 2005. Following Katrina, childcare facilities in Orleans Parish decreased by nearly 50 percent, making the need for reliable childcare and development centers imperative.  The ECLC will partner with the New Orleans' Public School System's Mahalia Jackson Early Childhood Intervention Center, through this partnership the ECLC will provide onsite mentoring, observing and teaching opportunities to teachers and staff of other early childhood development centers serving children throughout the New Orleans area. Ursuline is incorporating numerous “green” and flood resistant building features helping to ensure the sustainability of the facility.

AMCREF provided NMTC financing to Make it Right – Solar, Inc (MIR Solar), a subsidy of Make it Right – New Orleans, LLC (MIR). AMCREF advised MIR to create MIR Solar, a for-profit subsidiary, enabling them to cost effectively provide solar energy systems for LIPs and LIC residents by maximizing MIR Solar’s use of government incentives. AMCREF worked closely with MIR to develop a new business model and deal structure allowing them to combine four programs: Federal NMTCs, LA state NMTCs, the Section 1603 Treasury Grant program for renewable energy, and the LA State Residential Solar program.

At the 2009 NMTC Investors Conference in Chicago, AMCREF received it's third national award from the Novogradac Community Development Foundation. The foundation awarded AMCREF an honorable mention award in the Metro Investment of the Year category for its investment in Make It Right New Orleans, a non-profit building affordable green homes in New Orleans' Lower 9th Ward. For more information, see www.makeitrightnola.org

AMCREF and it's Advisory Board members, donated $7,500 to the New Orleans' non-profit education program, Bayou Rebirth. Bayou Rebirth aims to educate students, visitors and residents about wetland loss and restoration in Louisiana. More at www.bayourebirth.org

AMCREF provided GO Zone NMTC financing to Make It Right – New Orleans, LLC (MIR). MIR is a nonprofit helping former residents of the Lower 9th Ward return home. MIR assembled preeminent architects to create a new model for green high-performance affordable housing that can be replicated worldwide. MIR is building 150 homes, which are raised to avoid floods, able to withstand hurricane force winds, use environmentally safe materials, and reduce homeowner energy costs by 75% (LEED Platinum). MIR is selling the homes to low-income former neighborhood residents at an affordable price, and is also providing valuable green-building training to local contractors and neighborhood LIC residents.

AMCREF provided $4.0 million of GO Zone NMTC financing to Forward Jefferson Corporation (FORJ), a Louisiana non-profit corporation, to develop an office building that will be used as a technology business incubator facility and provide offices for the Jefferson Parish Economic Development Commission (JEDCO). The facility will be located in a GO Zone highly distressed LIC that was severely damaged by Hurricane Katrina and it will be the anchor and catalyst for a larger economic development initiative. Furthermore, the building will incorporate state of the art green building features and is applying for LEED certification.

AMCREF provided a total of $8.5 million of below-market rate NMTC-enhanced loans in two tranches to the Holy Cross School, a 127 year-old non-Archdiocesan parochial school whose former facilities in New Orleans’ Lower 9th Ward were severely damaged by Hurricane Katrina. Holy Cross currently serves 520 students in grades 5 through 12. Their original campus was inundated by floodwaters in Katrina, and they are rebuilding in the nearby Gentilly neighborhood of New Orleans. The new school will be the first major investment made in that community since Hurricane Katrina.

At the 2008 NMTC Investors Conference in Boston, MA, AMCREF was awarded two major national awards from the Novogradac Community Development Foundation. The foundation awarded AMCREF the award for Small Business Investment of the Year for its investment in Enta Campus, and an honorable mention award under the Metro Investment of the Year category for its investment in Sun Energy Group’s Louisiana Gasification Project. For more information on the companies, see www.entacampus.com and www.sunenergygrp.com.  

Today, U.S. Treasury Deputy Secretary Robert M. Kimmitt and Treasury’s Community Development Financial Institutions (CDFI) Fund Director Donna J. Gambrell announced in Washington, DC, that American Community Renewable Energy Fund was one of 70 organizations selected to receive $3.5 billion in tax credits for use in low-income communities. Treasury awarded the credits under the 2008 round of the New Markets Tax Credit (NMTC) Program. The NMTC Program attracts private-sector capital investment into the nation’s urban and rural low-income areas to help stimulate economic growth and create jobs.

The American Community Renewable Energy Fund, LLC (AMCREF) received a $48.5 million NMTC allocation, which it will use to support startup and early-stage businesses in the Gulf South (AL, LA, MS, TX), with an emphasis on rural areas and those portions of the Gulf Opportunity Zone(GO Zone) that are still working to recover from Hurricanes Katrina and Rita.

AMCREF will offer below market-rate loans and investments to businesses and industries creating quality jobs that will help diversify and rebuild the Gulf South economy. These industries include renewable energy, technology, disaster recovery, and public safety and services infrastructure.

The NMTC award was AMCREF's third. Total NMTC allocations received by AMCREF now exceed $120 million. 

"We are very proud to have received this award from the CDFI Fund,"said AMCREF President Clifford Kenwood. "We appreciate the Treasury's vote of confidence in us, and we are looking forward to putting the credits to use helping establish and grow innovative businesses in the Gulf South."

AMCREF provided NMTC financing to 930 Poydras, an innovative real estate project located in downtown New Orleans. The project is a 21-story mixed-use development that represents the first and only new high-rise construction in New Orleans’ Central Business District since Hurricane Katrina in 2005. 930 Poydras will feature rental apartments, a public parking garage and retail /office space, all of which are essential for the revitalization of New Orleans’ CBD.

In June, AMCREF provided a NMTC-based below-market rate loan to Holy Cross High School in New Orleans, LA. Now, Rebirth Capital, and its NMTC fund partner, Gulf South Finance have announced that they will fund a “full-ride” scholarship for a minority student from Orleans Parish for Holy Cross’ entire 8-year academic program (grades 5-12) at Holy Cross School.

Through donations from AMCREF Advisory Board members and Rebirth Capital, a contribution of $6,750 was made to the University of Louisiana Lafayette School of Architecture and Design’s Solar Decathlon project, BeauSoleil Louisiana Solar Home. The BeauSoleil Louisiana Solar Home will be entered into the 2009 Dept. of Energy’s Solar Decathlon competition in Washington, DC. The Solar Decathlon is a worldwide competition between 20 colleges and universities to design, build, and operate the most attractive and energy-efficient solar-powered home. More at www.beausoleilhome.org

At Virchow Krause’s “Community Needs – Building Resources for Tomorrow” conference on May 6, 2008, AMCREF was awarded the conference’s highest award, the “Right Stuff” award, for its investment in Louisiana Gasification Facility in New Orleans. LGF is an innovative waste-to-energy project being developed by Sun Energy Group that will use innovative plasma gasification to safely generate biogas from municipal solid waste. More on the project can be found at www.sunenergygrp.com.

AMCREF provided $12 million in NMTC capital to South Beach Development, LLC, a hotel that represents the largest non-gaming, private investment on the Mississippi Gulf Coast since Hurricane Katrina. The project will utilize state of the art building technologies to help protect against future storms. The project is located in a low-income community that suffered significant damage from the storm surge and will serve as an important symbol that major investment in the region has begun, influencing others to follow

AMCREF provided $1 million in NMTC capital to Sun Energy Group, a seed-stage, minority-owned renewable energy company that is developing the Louisiana Gasification Facility (LGF), an innovative, green-certified, waste-to-energy power plant in New Orleans, LA. AMCREF’s funds will be used for predevelopment and startup costs.

Roxie Recycling (formerly New Orleans Biofuel Initiative) is a small, startup business that collects waste cooking grease from New Orleans area restaurants and provides it to small, local biodiesel manufacturers.

GSG 3 is a 2.5MW single turbine community wind project. The project is one of the first to use Clipper Windpower turbines. Rebirth Capital provided renewable energy tax credit equity (PTCs) for the project.

AMCREF’s $30 million allocation will be used to continue AMCREF’s Gulf Coast recovery efforts, and to support renewable energy and cleantech companies. Total NMTC allocations received to date total $72 million.

NEW ORLEANS - U.S. Treasury Deputy Secretary Robert Kimmitt and Treasury’s Community Development Financial Institutions (CDFI) Fund Director Kimberly Reed announced today in New Orleans, La., the 61 organizations selected to receive $3.9 billion in tax credits for use in low-income communities. Treasury awarded the credits under the 2007 round of the New Markets Tax Credit (NMTC) Program.

AMCREF provided $5 million in NMTC capital to TicketSwitch, a technology company which will use the most advanced ticketing information back-end systems to assist websites with booking travel and tourism packages.

AMCREF and its Advisory Board donated $2,500 to the grass-roots organization, Renew Our Music Fund. The mission of the Renew Our Music Fund is to preserve New Orleans’ cultural traditions by providing assistance to the individuals and institutions that will carry them forward. Renew Our Music offers grants to leaders in the music community, extends financial assistance to New Orleans musicians of all genres, and helps connect musicians with instruments and gigs in order to revive, uphold and perpetuate New Orleans’ unique culture. The Renew Our Music Fund has helped over 1,600 musicians.

AMCREF provided $6.3 million to Enta USA, a provider of event ticketing services and associated IT procurement solutions to arenas, performing arts and theatrical venues.

AMCREF provided $5.1 million in NMTC capital to Enta Campus, which along with its affiliate Enta USA, is the first major startup technology company to locate in the GO Zone post-Katrina. Headquartered in a severely distressed low-income community in Baton Rouge, LA, Enta Campus will provide lower cost event ticketing services to colleges and universities nationwide.