This funding will help create 100-plus jobs in distressed community
SPRINGDALE, Ark. — Los Angeles-based National New Markets Fund LLC is expanding its investment in Arkansas with a $10 million New Markets Tax Credit (NMTC) allocation to help fund development of an American Tubing Arkansas (ATA) facility in Springdale, Arkansas, that will produce components used in HVAC, refrigeration, defense, and automation products.
The ATA plant is the Fund’s second major project in Arkansas. It follows a $15 million NMTC investment in the BlueOak Arkansas electronic scrap (e-scrap) recycling facility in the rural and distressed Delta community of Osceola. The energy efficient and environmentally sustainable BlueOak project created 75 quality jobs and was named 2015 QLICI (Qualified Low-Income Community Investment) of the Year by the Novogradac Journal of Tax Credits Community Development Awards. It also earned Harvard Business School’s New Venture Award in 2011.