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$5.5 Million in Tax Credits: Revolution Mill’s Transformation from Abandoned Textile Factory to Thriving Hub of Business and Community Life

The Federal New Market Tax Credit Program helped turn Greensboro’s old Revolution Mill into a busy center for businesses and the community, creating many new jobs.

Federal New Market Tax Credits Revitalize Greensboro’s Revolution Mill – Creating Jobs and Boosting Community Growth

According to the article of Public News Service, in Greensboro, North Carolina, the old Revolution Mill has been turned into a lively place for businesses and the community, thanks to the Federal New Market Tax Credit Program. This $5.5 million investment in tax credits helped bring new life to the mill, showing how targeted financial help can revive struggling areas. Emma Haney from Self Help Credit Union explained that this program is great for creating and keeping jobs and helping the local economy grow.

The transformation of Revolution Mill has created 315 construction jobs and 323 new permanent jobs. Now, the site is home to more than 140 businesses, 1,250 workers, and about 200 mixed-income apartments. This has made the area more lively and attractive. The project has also encouraged more development nearby, including new businesses and housing projects. Haney mentioned that another old textile mill nearby has been turned into affordable housing, adding to the community’s renewal.

READ ALSO: Tax Cuts And Jobs Act (TCJA) Of 2017: Sunset Looms With Potential Impact On Taxes And Deduction

$5.5 Million in Tax Credits: Revolution Mill’s Transformation from Abandoned Textile Factory to Thriving Hub of Business and Community Life (PHOTO: The Weather Channel)

Revolution Mill’s $38 Million Revamp Demonstrates the Power of New Market Tax Credits in Revitalizing Struggling Communities

Furthermore, the $38 million project at Revolution Mill shows how financial incentives can help struggling communities grow and improve. By creating new jobs and keeping existing ones, the New Market Tax Credit Program has been a key tool in boosting the local economy and making life better for residents. Haney highlighted that this is just one example of how such programs can bring positive change and long-term growth to areas in need.

READ ALSO: 38 Million Americans To Receive SNAP Benefits: $1,751 Max For A Family Of 8, $219 Extra For Each Member – Claim It Now!

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