JACKSONVILLE, Fla. —VyStar Credit Union said it has signed a two-year partnership with Sunflower Development Group, a tax credit developer that specializes in the New Markets Tax Credit (NMTC) Program, as part of its “long-term commitment to support the development and revitalization of underserved communities.”
Created in 2000, the NMTC Program is a $5 billion annual federal program that supports a wide range of businesses, including manufacturing, food, retail, mixed-use housing, health care, education and energy.
VyStar, which earned the designation of being a Community Development Financial Institution (CDFI) in November 2021, said it is working toward applying for its own allocation of NMTCs in spring 2023.
“VyStar is committed to supporting the communities we serve, especially the individuals and families who benefit most from these programs,” said VyStar SVP, CDFI & Impact Lending Heather Horovitz. “As a credit union, it is important that we meet our members where they are and find solutions that help improve their financial lives. In doing so, we create stronger, healthier communities that we can all be proud to call home.”
Food, Child Care and Health Care Deserts
As part of its focus on serving underserved individuals and underserved and distressed communities, VyStar said it is working to address multiple food, child care, and health care deserts. NMTCs will help attract private investment opportunities to subsidize costs in these communities.
“In addition to the lending VyStar already does, the credit union will focus on providing loans to businesses in eligible low-income areas across Florida and Georgia that support health care-related organizations and businesses, including grocery stores, hospitals, early childhood learning centers, with special consideration for veterans or active military, VyStar said.
Since moving its corporate headquarters to downtown Jacksonville, which brought more than 1,100 employees into the city’s core daily, VyStar said it is also working to help revitalize the area. VyStar has many ongoing efforts to support the military community, youth and education and community building.
Additional Expansion
In addition, VyStar said that as it continues to grow in markets such as Georgia, Tallahassee and Central Florida, it plans to work to bring financial services to underserviced populations in those communities.
“With growth, we want to make sure we’re intentional with all of our lending activity across all three of our lending verticals: consumer, commercial and mortgage,” said Chief Lending Officer Jenny Vipperman. “We will achieve this by engaging with our community partners and delivering products to our members that meet their unique needs, considering their socio-economic position, race, gender, and any factor that may have historically impacted their access to capital. I am excited to explore how the CDFI Fund can support this effort, NMTCs being one such tool.”
About Sunflower
Sunflower Development Group is a Kansas City-based company that has more than 15 years of award-winning experience utilizing the NMTC program as a national consultant for Community Development Entities (CDEs)/CDFIs, municipalities and project sponsors.
The Very Best in CU Reporting. Every Morning. To Your Inbox. At a Cost Any CFO Will Love
Don’t forget to check your Spam/Junk email folder if you haven’t been receiving your free, popular and daily CUToday.info news headlines.
And if you haven’t yet signed up for the new email solution on which CUToday.info has partnered with ResponseGenius, you can do so here. Signing up requires less than one minute of your time.
CUToday.info has received very positive response from readers following the move to an improved provider of the daily headlines, but many also noted they did need to go to their Spam/Junk folder and mark it as safe.
The new email solution has not only improved every reader’s delivery experience, but it also features a fresh, new format that is easy to read, especially on mobile devices.
Please note and/or make your IT department or email administrator aware the emails will be coming from the domains CUTodayinfo.com and CUTodayinfoReply.com.