Page 66 - 2014_15CommunityRpt_FlipBookPDF

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2005 As of 2013, CHFA has fully deployed
all NMTC allocated to the CGR Fund,
colorado growth and translating to 10 projects and $77 million
revitalization (cgr) leveraged.
fund begins
A shining example of an NMTC beneficiary
In a partnership with the City and County of is Montessori Academy of Colorado, located
Denver and the Colorado Enterprise Fund, in Denver’s Five Points neighborhood. The
CHFA applied for and received an allocation Academy approached CHFA and the CGR
of $40 million in New Markets Tax Credits Fund about receiving NMTC for expansion.
(NMTC) as the Colorado Growth and The $3.9 million in NMTC they received
Revitalization Fund, LLC (CGR Fund). These allowed them to obtain a larger facility
federal tax credits are used to generate to serve more families, as well as offer
private sector economic development in scholarships to neighborhood children and
historically underserved neighborhoods. employment opportunities to area residents.
Another allocation was received in 2008. This project exemplifies the ultimate purpose
of New Markets Tax Credits—to “bring new
capital into low income communities to
provide an economic boost.”

Montessori Academy of Colorado, a business customer in Denver