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January jobs report: Unemployment rate falls to 4%, wages rise more than forecast; Trump signs order imposing sanctions on International Criminal Court over investigations of Israel; Ten Commandments in public schools debate reaches South Dakota; Virginia ranks among worst states for wage theft; Mexican long-nosed bat makes appearance in Arizona.

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Attorney General Pam Bondi strikes a Trump tone at the Justice Department, federal workers get more time to consider buyouts, and an unclassified email request from the White House worries CIA vets.

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During Black History Month, a new book shares how a unique partnership built 5,000 schools for Black students, anti-hunger advocates say ag communities would benefit from an expanded SNAP program, and Americans have $90 billion in unpaid medical bills.

Federal program helps transform NC communities, boost economies

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Tuesday, June 11, 2024   

Federal New Market Tax Credits are helping transform abandoned areas and boost local communities in North Carolina and across the nation.

In Greensboro, the historic Revolution Mill has undergone a dramatic transformation, turning a century-old textile factory into a vibrant hub for business and community life. This revival was driven by the Federal New Market Tax Credit Program, showcasing its effectiveness in revitalizing economically distressed areas.

Emma Haney, director of business development and project management with Self Help Credit Union, highlights the program as an important tool for community development and economic growth.

"There's opportunity for a lot of job creation and retention, so that's the economic-development component," Haney said. "That goal is addressed by creating new jobs in construction and in the end product, so jobs that are retained in the area, jobs that are created in the area because these new facilities are being invested in."

The redevelopment of Revolution Mill has generated 315 construction jobs and 323 new permanent jobs. It also serves as a home to more than 140 business, 1250 workers and about 200 mixed-income apartments.

Haney noted the impact of Revolution Mill's transformation extends beyond its walls. The renewed interest in the area has spurred further development, with new businesses and residential projects enhancing the community's vibrancy and economic prospects.

"Another one of those vacant textile mills that's just right across the street from Revolution Mill was taken on by a development team and now provides long-term affordable-housing options just across the street from our investment," she added.

Revolution Mill's $38 million project was made possible use of $5.5 million in New Market Tax Credits. Haney added this is just one example of how targeted financial incentives can stimulate growth and renewal in struggling communities, promoting sustainable economic development and revitalization.

Disclosure: Self-Help Credit Union contributes to our fund for reporting on Consumer Issues, Environment, Health Issues, Social Justice. If you would like to help support news in the public interest, click here.


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