Stonehenge Capital has won “Deal of the Year” awards from the Novogradac Journal of Tax Credits for two 2017 New Markets Tax Credit investments.
Novogradac hands out just five of these awards each year, and Stonehenge received two for recent community development projects – one for an investment creating hundreds of new jobs in rural Tennessee and one protecting and expanding U.S. manufacturing jobs in Michigan and Ohio.
“Stonehenge is thrilled to be recognized for our efforts to revitalize communities while delivering strong returns on investments,” said L'Quentus Thomas, Director of Stonehenge Community Development.
Novogradac’s annual Community Development Qualified Low Income Community Investments (QLICI) of the Year 2017 recognizes community development entities (CDEs) that make exceptional qualified low-income community investments, honoring companies that exhibit “a well-executed vision and measurable community impact as well as those that show a commitment to establishing positive change in bringing more people and places into the economic mainstream.”
Projects that focus on affordable housing, community development, historic preservation and renewable energy are considered for the honors. Award categories include small business, operating business, real estate, metro-based and non-metropolitan area investments.
Stonehenge received the non-metro area award for a New Markets Tax Credit (NMTC) investment enabling Williams Sausage, a family-owned company in Tennessee, to build a new 200,000-square-foot production facility, distribution center, truck maintenance shop and corporate office in Union City.
Stonehenge received the operating business QLICI award for an NMTC investment in Detroit Manufacturing Systems. The company, which manufactures automobile component parts, is using the capital to expand its Michigan operations and to develop a new plant in Toledo, Ohio.
“Stonehenge is committed to helping businesses in low-income and underserved communities,” Stonehenge President Tom Adamek said. “It’s fantastic that our Community Development team is being recognized for their hard work and dedication to improving underserved communities.”