Jonathan Crawford and Ryan Congrove, members of our Community Development NMTC team, will be available at Novogradac's 2019 New Markets Tax Credit Fall Conference in Austin, Texas, to discuss federal and state NMTC investment opportunities.
Two Stonehenge Capital portfolio companies will be recognized during the conference at the 2019 NOVOGRADAC JOURNAL OF TAX CREDITS COMMUNITY DEVELOPMENT QLICIS OF THE YEAR AWARDS held October 17. The awards recognize community development entities (CDEs) that made exceptional qualified low-income community investments (QLICIs) through the federal New Markets Tax Credit Program in the past year. FLEX-N-GATE, a leading manufacturer and supplier of large stamped metal and welded components, assemblies, and plastic parts for the automotive industry, was named 2019 Community Development QLICI of the Year in the operating business category. This investment brought 800 new manufacturing jobs to Detroit’s I-94 industrial park, revitalizing the surrounding community.
Innovative Bedding Concepts (InBedCo), a minority owned and managed mattress manufacturer, won the SMALL BUSINESS QLICI OF THE YEAR award. Stonehenge’s investment allowed InBedCo to launch its newest product via a new sales channel – its Hero Beds are sold exclusively through HEROBED.COM. This new venture created a dozen new jobs in a highly distressed area of South Salt Lake City, Utah. A portion of every Hero Bed sale is donated to charity.