NEW YORK, NY – January 31, 2025 – NYC Regional Community Development (NYCR-CDE) is pleased to announce the closing of $15,000,000 in New Markets Tax Credit financing to help fund impactful community programming and facility upgrades for The Town Hall, a national historic landmark located at 123 West 43rd Street.  The $15 million of funding will assist the non-profit Town Hall Foundation continue its broad range of education and community programming for low-income populations as well as implement necessary building upgrades to the 60,000 square foot complex.

Built in 1921 and founded by members of the women’s suffrage movement, The Town Hall (www.thetownhall.org) has played host to over a century of the world’s greatest creative minds, thought leaders, and musicians.   The Town Hall’s intimate atmosphere, exceptional acoustics, and unobstructed views of the stage from any seat in the house make it a cherished destination for audiences and performers alike.  Today, this iconic New York City institution continues to curate a rich array of cultural and musical events while also serving thousands of K-12 public school students, formerly incarcerated individuals, and seniors through its robust community programs. 

Launched in 1998, The Town Hall Education Outreach Program touches the lives of New Yorkers each year through partnerships with public schools, senior centers, and organizations devoted to assisting individuals impacted by the criminal justice system.  The Town Hall Bridges Program is an initiative that seeks to empower and amplify the voices of young migrants in New York City.  Repertory Company High School for Theatre Arts is a small performing arts high school inside The Town Hall, which offers a full academic program and comprehensive theatre arts classes. 

The $15 million transaction utilized a portion of the New Markets Tax Credit allocation awarded from the U.S. Department of Treasury to NYCR-CDE.  To receive a New Markets Tax Credit allocation award, NYCR-CDE was required to demonstrate a mission and track record of providing investment capital for low-income communities. Examples of prior economic development projects over the past nine years utilizing NYCR-CDE tax credit financing include:

• Construction of the National Urban League’s new headquarters in Harlem
• Redevelopment of the Bedford Union Armory in Brooklyn
• Redevelopment of the Nike Armory Track & Field Center in Washington Heights
• Expansion of St. John’s Episcopal Hospital Center in Far Rockaway
• Construction of five charter schools in the Bronx (KIPP NYC Charter School, DREAM Charter School, Neighborhood Charter School, and Comp Sci High)
• Construction of two charter schools in Brooklyn (Achievement First and Ascend Charter School) and one charter school in Harlem (Promise Academy)

The New Markets Tax Credit Program was created by Congress in 2000 in an effort to stimulate private investment and economic growth in low-income neighborhoods and rural communities that lack access to capital. Historically, low-income communities often have difficulty attracting investment.  The program aims to break this cycle of disinvestment by attracting the private investment necessary to reinvigorate struggling local economies. Private capital is incentivized by providing federal income tax credits to investors in exchange for making equity investments in low-income neighborhoods.