CABVI Secures Multi-Million Dollar New Market Tax Credit Commitments

UTICA, N.Y. –  The Central Association for the Blind and Visually Impaired (CABVI) is proud to announce the successful closure of a New Markets Tax Credit deal on April 4, 2025, securing over $4.6 million toward the renovation of CABVI’s 507 Kent Street headquarters.

In existence since 2000, the federal New Markets Tax Credit program promotes development in “severely distressed” census tracts. It offers investors the incentive of a tax credit. Those investors provide capital to community development entities (CDEs), and, in exchange, are awarded credits against their federal tax obligations. The CDEs then invest in projects with community benefits.

“Kent Street qualified for funding for several reasons, with the first being the need for economic development investment in the City of Utica and the second being community impact,” said Ed Welsh, CABVI President & CEO. “The merits of our project attracted investors from the New Markets arena.”

Welsh added, “The process is complicated, but we partnered with two great CDEs; Urban Research Park of Hunt Valley, MD, and Empire State New Markets Corp. of Albany, NY.”

In addition to the New Markets Tax Credit commitments, CABVI previously secured a $1.6 million grant from Empire State Development for the Kent Street project in 2024.  This significant investment will allow CABVI to enhance its facilities and continue providing careers to the blind and visually impaired community in Utica.