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Waveland Community Development Allocates New Market Tax Credits to Sandy Grove



Waveland Community Development is pleased to announce that we have allocated $24 million in rural New Market Tax Credits toward the new construction of Sandy Grove Middle School in Hoke County, North Carolina.  Hoke County is a highly distressed census tract and currently ranks as the most impoverished county in the state.  We anticipate that the development of Sandy Grove Middle School will create an additional 465 jobs in rural North Carolina. 

 

The financing will enable the construction of a 75,000 square foot, LEED gold, "net zero" energy-use facility for the Hoke County School System. The facility will include a geothermal heating and cooling system, solar photovoltaic ("PV") system, high efficiency lighting, spray foam insulation, added roof insulation, and a whole building generator.  These technological innovations will produce 30% more energy than the school will consume, allowing the school to sell the excess energy to a utility company while eliminating future power costs. 

 

Sandy Grove Middle School will provide a progressive, top caliber middle-school learning environment to approximately 600 children in Hoke County, of whom 68% are on free or reduced lunch plans.  By reducing overcrowding in the County, Sandy Grove will lessen student-to-teacher ratios and will provide a more productive learning environment through modernized acoustics, layout and integrated technologies.   

 

The financing for Sandy Grove Middle School includes the use of Qualified School Construction Bonds as leverage debt.  US Bancorp Community Development Corporation also participated in this transaction through their purchase of the New Market Tax Credits.  United Fund Advisors acted as project manager for the QALICB, FirstFloor Sandy Grove, LLC. 




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