Featured Projects
Belle City Square
Blast Cleaning Technologies, Inc
* 29 New full-time equivalent jobs * 21 Indirect/Induced jobs from project operations * 44 Direct construction jobs * 36 Indirect/Induced part time temporary jobs
Kenosha Innovation Center
Charter Manufacturing, Inc.
* 16 New full-time jobs * 20 Indirect/Induced jobs from project operations * 51 Direct installation jobs * 41 Indirect/Induced part time temporary jobs
Announcements
FIRE is looking for business and non-profit projects
FIRE is looking for business and non-profit projects that are making impactful investments within FIRE’s service area of Milwaukee, Ozaukee, Racine, and Kenosha Counties and are looking for projects (development, equipment and/or working capital) whose total project costs are in the $5,000,000 +/- range.
As an example, for a total project cost of $5 million FIRE could provide about $1,000,000 in net NMTC financing. FIRE’s loan has a term of 7-years and requires interest-only payments with an effective interest rate generally in the range of 2% to 3%. At the end of the 7-year term FIRE usually forgives over 75% of the principal. In this example, the principal forgiveness would amount to about $750,000
FIRE is looking for projects that are currently in need of financing and pipeline projects that might be ready to go in the next few years. So, if you are aware of any potential projects in eligible neighborhoods, please let us know. To see if a project is in an eligible census tract please use the following link: https://www.bakertilly.com/insights/new-markets-tax-credit-and-low-income-housing-tax-credit-mapping-tool
To date FIRE as a financial intermediary has received a total of $448 million in NMTC credits from the US Treasury - CDFI Fund. FIRE uses the allocation to help finance projects in low-income census tracts. FIRE’s financing led to over 3.1 million square feet of development, renovation, or expansion. Of this amount over two million square feet has been on environmentally contaminated Brownfield sites. As a result of these developments, 8,700 jobs have been created or retained in these low-income neighborhoods. Every $1 in NMTC investments generates over $8 in private investments.
About Us
Our Mission
With the main mission being stimulation of regional economic growth, FIRE’s vision is to inject capital into projects that produce job creation and retention, to enhance tax base growth, and to yield new life in the urban cores of targeted dis-invested areas.
Community Impacts
FIRE has received 13 New Market Tax Credit awards totaling $418 mm
To date, FIRE has committed $361.5 mm of its allocation by funding 32 projects
Supported the creation and retention of over 8,691 jobs
FIRE welcomes requests for NMTC’s throughout the year as we work to maintain an active pipeline of viable and potential projects throughout the region.