New Markets Tax Credit (NMTC) Funding for Destination Crenshaw Wins Novogradac’s 2022 QLICI of the Year Award

Jun 30, 2022

Every year, Novogradac Journal of Tax Credits awards “QLICI of the Year” to projects that have made a remarkable community impact with funding from New Markets Tax Credits (NMTCs). This year, the Destination Crenshaw project won the award in the “Metro” category for the impact it’s making on a historic Black business district. Lendistry and its fellow CDEs were recognized for providing a $30 million investment in the project.

Investing in a Thriving Future

A Qualified Low-Income Community Investment (QLICI) supports an organization located in a distressed area that helps its community through development, business or charitable activities. In this award-winning QLICI, Lendistry contributed $10 million of the total $30 million in NMTC allocations.

Destination Crenshaw is the first project Lendistry has supported through New Markets Tax Credits, and we did it with part of our first NMTC allocation,” says Everett K. Sands. “Supporting this project was an easy decision, and we’re proud to be involved in the neighborhood’s history. This award celebrates what can be achieved when community development organizations and financial institutions work together to make a lasting impact.”

Clarence Campbell, Nicole Boone, Everett K. Sands, Jason Foster (COO of Destination Crenshaw), Allie M. Starkey, Jeff Monge (Monge Capital)

On June 9, 2022, Lendistry CEO, Everett K. Sands, accepted the award alongside leaders from New Markets Support Company and Building America CDE, who joined Lendistry in allocating credits; US Bank, which contributed allocated credits and was the sole investor in the credits; Jeff Monge of Monge Capital, an essential consultant who brought the CDEs together; and Jason Foster, COO of Destination Crenshaw.

The Historic QLICI Project

Destination Crenshaw is a community initiative with a transformative mission. The project will revitalize the 1.3-mile Black business corridor along Crenshaw Boulevard between 48th to 60th streets in South Los Angeles through infrastructure, job training, local business resiliency, environmental equity, and Black artist job creation initiatives.

When the “unapologetically Black” project is complete, Crenshaw Boulevard will be home to thriving small businesses, 800 more trees, 30,000 square feet of parks and sustainable landscaping, and hundreds of pieces of art commissioned from local Black artists. It will also create new jobs and an apprenticeship program that will provide pathways to living wage careers for low-income residents.

“Destination Crenshaw is about revitalizing Black community, driving intentional investment to our community, but it’s all about permanence for us. It is about how we take financing tools, how we take investments and provide permanence for the people that live in the community itself. It’s about how these investors actually looked at Destination Crenshaw as a possibility, when only we believed,” said Jason Foster.

“So, ultimately, thank you U.S. Bank, Lendistry, Building America CDE, and New Market Support Company. Thank you, because it is not possible without you all and Monge Capital convincing me that we could do it. Because ultimately the root word of faith is doubt and a lot of time in non-profit that’s how you actually build the faith to be able to do the work.”

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