Chase Community Development Banking, Baker Tilly, Carver State Bank, City of Savannah, and Savannah Economic Development Authority sponsored a seminar in Savannah to describe the federal New Markets Tax Credits (NMTC) program and brief the attendees on how to access New Markets Tax Credits for qualified business or real estate development.
NMTC financing can encourage a wide range of investments, including commercial real estate, small business, healthy food, health care, community facilities, higher education, charter schools, manufacturing, alternative energy, distribution and many more. The sponsoring organizations presented the training session so that area leaders could learn how the tax credits can be used to further stimulate growth and economic development in Savannah and the surrounding areas. These unique federal tax credits help developers and business owners obtain low-cost financing to solve a portion of their capital needs while creating significant community and economic impact in distressed areas.
The free seminar, held Wednesday, April 29, 2015 at the Savannah Civic Center, was attended by many well-known developers, bankers, contractors, consultants, investors, and community leaders in the area. The expert presenters were: Shawn Larson, Vice President, Chase Community Development Bank; Seth Harrop, New Markets Tax Credit Consultant, Baker Tilly; and Robert James, II, Partner, Golden Holley James, LLP and Director of Strategic Initiatives, Carver State Bank. Chase Community Development Bank is a division of JP Morgan Chase, the largest bank in America. Over the past 8 years, Chase Community Development Bank has invested nearly $720 billion in low and moderate-income communities and small businesses in the U.S.
Founded in 1931, Baker Tilly is one of the 12 largest accounting and advisory firms in the U. S. The firm is considered one of the nation’s leading technical and industry specialists on the NMTC program.
Golden Holley James, LLP is a boutique commercial and corporate law firm nationally recognized for its expertise in public and corporate finance, commercial banking and lending, real estate development, and governmental affairs. The firm has offices in Savannah and Atlanta, Georgia, Chicago, Illinois and New York, New York.
Nationwide, more than $38 billion of New Markets Tax Credit capital has been invested in thousands of businesses and real estate developments since 2002. Although the seminar sponsors and expert presenters agree that this valuable economic development tool has been underutilized in the Savannah area, these tax credits have already helped provide financing to renovate an art museum and expand a medical school in Savannah. .