In May 2004, Louisville Development Bancorp ("LDB") received a $62.5 million New Markets Tax Credit Allocation, and a second Allocation of $8 million in 2005 for a total of $70.5 million.

Between June 2004 and August 2005 two separate, comprehensive public outreach, educational and application processes took place to identify important community development projects across Metro Louisville which could utilize New Markets Tax Credits. Thirty-three applications were submitted from projects requesting over $216 million of New Markets Tax Credit Allocation.

LDB's Advisory Board and Board of Directors then conducted an extensive review process of each application submitted, looking for those projects that have both the greatest community impact and need for the tax credits.

After an exhaustive process that took many months to complete, New Markets Tax Credits were made available to investors in the following projects.  These projects will make a real and lasting impact on some of Louisville's most economically distressed neighborhoods. 

• Redevelopment of Broadway Cinemas into a retail center
• Rehabilitation of American Air Filter plant into Cardinal Station medical and commercial center
• Purchase of The Inn at Jewish Hospital, renovating the existing facility, add 39 new rooms, and build an additional adjacent hotel with 198 rooms. The new property is named Fairfield Inn and Suites / Springhill Suites
• Construction of new worship center and educational / community facilities for First Virginia Avenue Missionary Baptist Church
• Complete construction of five buildings, expanding capacity and services offered at Home of the Innocents
• Construction of a new headquarters building for CW Johnson Xpress
• Construction of a second headquarters building for CW Johnson Xpress
• Complete the construction and development of the Muhammad Ali Center
• Construction and development of Marriott Residence Inn Downtown
• Establishment of Republic Bank/Louisville Metro Government NMTC Loan Fund, giving smaller projects access to NMTC
• Purchase and renovation of headquarters building for Quadrant Technology Corporation
• Construction of new office and retail space, new parking garage, and for-sale residential condominiums called ZirMed Gateway Towers

 LDB has some NMTC Allocation remaining.

We would like to hear your idea and determine if it is a project that is qualified for New Markets Tax Credits. If it is a qualified project, we’d like to urge you to participate in our open application process. Organizations wishing to receive a portion of our Allocation are required to submit an application that we call the Project Summary. This Project Summary is a questionnaire that gives the owner or developer the opportunity to tell us all about their project in writing. Each project will then be evaluated based on the information provided in the application. Those projects with the greatest economic impact and greatest need for NMTC will be selected to receive a portion of our NMTC Allocation.

NMTC Questions/Contact

If you have any questions about LDB’s New Markets Tax Credit Program please contact us.

NMTC Mailing List

Add your name to our NMTC Mailing List to receive notification of all future scheduled events and deadlines. 

To learn more about the New Markets Tax Credit, we recommend that you visit the administering agency's (CDFI Fund) web site (link appears below).  This comprehensive site is the source for all information on New Markets Tax Credits.

U.S. Department of the Treasury
Community Development Financial Institutions Fund