Noir Black Chamber of Commerce Inc. and Community Ventures Launch the Kentucky CDE-CDFI Partnership to Revitalize Kentucky’s Low-Income Communities
Industry: Non Profit & Charity
Louisville, KY (PRUnderground) February 25th, 2021
Noir Black Chamber of Commerce Inc. and Community Venturesare launching the Kentucky CDE-CDFI Partnership toRevitalize Statewide Low-Income Communities. The Kentucky CDE-CDFI Partnership is a statewide collaborative economic development initiative which aims to benefit and revitalize low-income communities across the state.
John Shaw-Woo, Founder and CEO of the Noir Black Chamber of Commerce, and Dan Heffernan, President of New Markets Tax Credits at Community Ventures, both expect this initiative to significantly improve Kentucky’s national economy ranking by 2025. “We hope this interaction can shine the light on the needs throughout our Commonwealth,” says Dan Heffernan. “We also hope and believe that through this relationship we will foster greater understanding, growth and support for all communities in Kentucky.”
The initiative will bring together Kentucky CDEs and CDFIs statewide to work with Kentucky mayors and state officials to identify and develop large economic development projects, and to submit them to the US Department of Treasury to request new market tax allocations to fund the projects. “We will work to establish a statewide opportunity zone, partner with Kentucky’s Cabinet for Economic Development, so that these projects will generate economic and social mobility opportunities for low-income individuals and families,” Shaw-Woo says. “Together, we are seeking out areas of improvement that may help bolster the state’s growth, improve upon current systems and programs, and fosteran environment of collaboration amongstourcitizens, business owners, and public officials.”
The initiative will focus on a wide variety of projects related to: single and mixed-use real estate; health care and social services; manufacturing; educational services; accommodation and food services; arts, recreation and entertainment; retail goods and services; and agriculture, forestry, fishing and hunting with a strong emphasis on those that will generate job opportunities in low-income urban and rural areas. To be considered, projects need to have a minimum budget of $4.5M, and organizers will be required to present a fully-formulated plan for review.
The state of Kentucky has consistently ranked as one of the most impoverished states in the country. Coupled with a below-average income level, Kentucky has also experienced a reduced rate of economic output in recent years. For example, compared to other states, Kentucky ranks 44th in health care, 38th in education, 39th in economic growth, 26th in infrastructure, and 45th in fiscal stability.
“Because Kentucky lags behind other states in many areas, we want project leaders to accept our invitation to partner with us as we set out to elevate Kentucky to one of the nation’s top states for economic expansion,” Shaw-Woo says. The larger goal is that these collective efforts will lead to a significant regeneration of the state’s economy and societal framework, strengthening communities and providing opportunities for future state-wide improvements.
“Our hope is that by 2025 we will be able to increase Kentucky’s rankings on the lists of Best Places To Live, Best Places To Work, And Best Places To Start A Business,” Shaw-Woo says.
About Noir Black Chamber of Commerce:
Noir Black Chamber of Commerce is a nonprofit Community Development Entity (CDE) created in 2020 to support black-owned businesses and black professionals, while also developing social and economic initiatives to support the black community. Founder and CEO John Shaw-Woo can be reached at (502) 777-6307.
About Community Ventures:
Community Ventures is a community-based nonprofit organization that exists to improve the quality of life for urban and rural residents throughout Kentucky. As a Community Development Financial Institution (CDFI), Community Ventures strengthens communities through its services to promote small business ownership, home ownership, and job creation through business expansion. Dan Heffernan, President of New Markets Tax Credits, can be reached at (502) 664-4614.
