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 $1,200,000 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 1.0% to 1.5%. 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 $900,000
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 $353 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, 8,691 jobs have been created or retained in these low-income neighborhoods. Every $1 in NMTC investments generates over $8 in private investments.