February 9, 2011
At its New Markets Tax Credit Investors’ Conference in Chicago, IL last October, the Novogradac Community Development Foundation recognized two NDC projects at its Third Annual Community Development Awards: Stadium Thriftway in Tacoma, WA and the SL Green StreetSquash Center in Harlem in New York, NY.
Stadium Thriftway, a grocery in Tacoma, WA and a borrower of the Grow America Fund, NDC’s small business lending arm, was named “Small Business QLICI of the Year.” A GAF loan allowed Stadium Thriftway, the only independent grocery store serving downtown Tacoma, to continue and expand its service to a nearby low-income area. Owned and operated by the Hargreaves family, Stadium Thriftwayhas built its reputation on providing high-quality goods and services to the residents of Tacoma’s urban core, including some services not typically found in low-income areas: packaging products for the needs of its market and grocery delivery. Stadium Thriftway has added 10 new employees and plans to add 20 more to its existing staff of 60.
The SL Green StreetSquash Center, an urban youth community center located in New York’s Harlem neighborhood was named “Metro QLICI of the Year.” StreetSquash combines academic activities, community service and athletic instruction and performance in the sport of squash for boys and girls, grades 6-12, with the goal of helping participants achieve academic success, graduate from high school, graduate from college and move on to active and productive lives. New Markets Tax Credit financing from NDC’s HEDC New Markets, Inc.made possible the development of the $9.0 million facility to than 500 Harlem public school children each year. The project supports 18 permanent jobs and created 70 construction jobs.
“QLICI” is an acronym for “Qualified Low Income Community Investment,” and is used to describe an equity investment in or a loan to a QALICB (“Qualified Active Low-Income Community Business”) from a community development entity (CDE). The projects were recognized for “well-executed vision, measurable community impact and commitment to establishing positive change by bringing more people and places into the economic mainstream.”