The following are just a few of the projects that used New Markets Tax Credits facilitated by Alaska Growth Capital.
Alaska Growth Capital and two partners provided $78 million in New Markets Tax Credits allocation to extend the TERRA broadband internet project from Southwest Alaska to Nome, Alaska. This project modernizes the internet services to the region, allowing broadband access for schools, hospitals, government offices, businesses and homes.
This project supported 184 direct jobs for construction and induced 464 jobs from construction spending according to a independent economic analysis. Additionally, over the next 10 years, 190 jobs will be created by the increased opportunities from broadband internet.
Maniilaq’s Elder Care Facility “Utuqqanaat-Inaat”
Utilizing $18.6 million in New Markets Tax Credits allocation, the Maniilaq Elder Care Facility will help to alleviate the backlog of elder care in Alaska.
Elder care space will be a growing issue as the population in Alaska ages. The Pioneer’s Home in Anchorage, Fairbanks, Palmer and elsewhere face wait-lists for entry that may last years. In addition, the location in a Native village allows elders to be close to family, culture, and traditional foods. These issues, morale and nutrition, are a major factor in elder health.
The facility will employ highly skilled healthcare workers, and will keep cash in the local economy, providing income multiplier benefits to the whole community. Direct and indirect job creation during construction was estimated at 151 jobs, with 20 permanent jobs in the facility.
Pacific Gateway Center
Hawaii has a large immigrant community, which may or may not be skilled. Thanks to Alaska Growth Capital and $6.3 million in New Markets Tax Credits allocation, the Pacific Gateway Center can incubate business utilizing one common skill that immigrants bring: cooking. Many can cook delicious food from their homelands. The Paradise Gateway Center capitalizes on this knowledge as a business incubator, teaching the skills necessary for very small businesses such as food preparation.
Pacific Gateway Center used the New Markets Tax Credits financing to complete building renovations on their King Street facility. This project created 35 jobs during construction and created 22 permanent jobs.