Tivest was recognized for its participation in the extensive Broadcreek project undertaken in 2005 to revitalize the site of an aging housing project. The initiative was led by the City of Norfolk and the Norfolk Redevelopment and Housing Authority, and resulted in an almost $200 million project, including a $35 million Hope VI grant from the U.S. Department of Housing and Urban Development.
“This honor is a testament to the experience and dedication of our great team at Tivest,” said Dwight Etheridge, President. “Tivest has grown to become one of the Hampton Roads’ leading real estate developers and our team recognizes the importance of a solid project, working together and tackling the important challenges of community development.”
The Broadcreek Villas project is providing solid solutions to a variety of these challenges. Creating more than 135 permanent and temporary jobs in a down-turned economy and providing both market-rate and assisted homeownership options in the middle of the U.S. housing crisis are just two examples of the impact of this project. In addition, Broadcreek is particularly unique to the Hope VI program in that the Villas include a mixed-use component to support the neighborhood, including a café.
“Over the course of many years, a great deal of work was undertaken to bring the vision of this Broadcreek Villas into a reality,” said Etheridge. “Through the power of public/private partnerships, we accomplished this task, combining the efforts of the City of Norfolk, Norfolk Redevelopment and Housing Authority, Bank of the Commonwealth, and Capmark Community Development Fund.”
“As a banking professional, it is rare to be part of a community-focused project that not only incorporates a mix of public and private funding, but also tackles a number of major issues our country is facing, said Jeremy Churchill, Vice President of Commercial Financing for Bank of the Commonwealth. “This project is definitely an exemplary showpiece for all involved.”
Tivest will continue to celebrate the success of Broadcreek next week when Robert Ibanez, Senior Policy and Program Officer of the U.S. Treasury Department's Community Development Financial Institutions (CDFI) Fund, will be in Norfolk, Va. to tour its award-winning Broadcreek Villas project for its exemplary use of New Markets Tax Credit (NMTC) financing.
"We are delighted that Mr. Ibanez will have an opportunity to see first-hand how New Markets Tax Credits are helping make Broadcreek a very successful redevelopment project," said Kermit Billups, Managing Director at Capmark Community Development Fund, who will also accompany Mr. Ibanez on his tour. "The NMTC Program is a great initiative that makes these types of projects possible—especially in today’s very challenging economic climate."
About Tivest Development
The Tivest team has over 75 years of combined construction experience and builds facilities to own or lease throughout Hampton Roads. Tivest’s years of solid experience, coupled with completed projects worth millions, make it a leading minority-owned development and construction firm. Tivest specializes in the development, construction and renovation of custom homes and a variety of commercial facilities including churches, industrial, office, or retail. Additional information about Tivest is available at www.tivesthomes.com.
About the New Market Tax Credit Program
The NMTC Program, established by Congress in December 2000, provides individual and corporate taxpayers with a credit against federal income taxes for making qualified equity investments in investment vehicles known as Community Development Entities (CDEs). Substantially, the CDE must use all of the taxpayer’s investment to make qualified investments supporting certain business activities in low-income communities. For more information on the NMTC program, visit www.cdfifund.gov.
