Finance Midwest

FirstPathway Community Development receives $15 million in New Markets Tax Credits

FirstPathway Community Development earns $15 million in credits,ph01
The Hatchery in Chicago

The U.S. Department of the Treasury’s Community Development Financial Institutions (CDFI) Fund awarded FirstPathway Community Development $15 million in New Markets Tax Credits (NMTCs). The controlling entity for FirstPathway Community Development is FirstPathway Partners, which operates EB-5 regional centers covering Wisconsin, Illinois, Indiana and California.

The allocation will fund operating businesses in Wisconsin and Illinois seeking to create or retain jobs in blighted, low-income neighborhoods with areas of high unemployment. FirstPathway Community Development received a $25 million allocation in 2016 which led to investments in the following projects:

Whole Foods Market distribution center

The Hatchery food and beverage incubator

The Kroger Company commissary

“This is great news for the region,” said Bob Kraft, chief executive officer and president of FirstPathway Partners. “We’re excited to once again have the opportunity to continue to use our knowledge and talents in serving communities in need, creating jobs, and growing the economy.”

Since 2008, FirstPathway Partners has assisted hundreds of immigrant investors through the EB5 program. FirstPathway Partners has been involved in creating thousands of jobs and raising millions of dollars in EB5 funds - leading to more than $1 Billion in economic development.