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Suspect held after woman set on fire in NY subway car dies; Trump threatens to take back Panama Canal over 'ridiculous' fees; A year of growth for juvenile diversion programs in SD; The ups and downs of combating rural grocery deserts in ND; Report: AZ one of eight Western states that could improve conservation policies.

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Congress passes a last-minute budget stopgap. Trump's second-term tariffs could harm farmers, and future budget cuts could reduce much-needed federal programs.

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Rural folks could soon be shut out of loans for natural disasters if Project 2025 has its way, Taos, New Mexico weighs options for its housing shortage, and the top states providing America's Christmas trees revealed.

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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