Cahaba Community Development, LLC
Cahaba Community Development’s mission is to spur business and economic development, preserve and build community, and raise the quality of life in Alabama.
Cahaba does this by providing:
• New Markets Tax Credit derived capital to qualified businesses or projects
• Financial counseling and other advisory services
Cahaba is a first round allocatee of both Federal and State of Alabama New Market Tax Credits, and is the only Alabama based Community Development Entity recipient of allocations Cahaba presently has four closed funds representing $64.52 million of allocation.
Cahaba’s footprint is limited to the State of Alabama and focused on low-income census tracts where its capital and services can produce meaningful impact on the community and enhance local and Alabama economic, cultural and heritage objectives.
Cahaba is an affiliate of Sloss Real Estate. Sloss has an extensive history of community development. A century ago, Sloss was one of Birmingham’s largest employers and developed some of the earliest workforce neighborhoods. Sloss continues its community development mission by combining Cahaba’s activities with its affordable housing, historic preservation and healthy food initiatives.
For More Information Contact:
Jack Peterson: 205-313-4101
1130 22nd Street South, Suite 3500
Birmingham, AL 35205
The McWane Science Center will open its 10,000 sf "Itty Bitty Magic City" addition in April 2015. This interactive learning museum was enabled by Cahaba's $10,000,000.00 loan that provided direct funding for long term capital improvements.
The McWane Science Center provides educational opportunities for children, teachers' workshops and plays a catalytic role in downtown Birmingham's revitalization. The McWane Science Center draws over a half million visitors annually to its facility.
Cahaba provided a $1,000,000.00 mezzanine loan to enable a certified historic rehabilitation and adaptive reuse of the structure. Originally built in 1893 as a warehouse, stables and a bar for the Anheuser-Busch Brewing Association, the structure was sold to the Young and Vann family when prohibition was enacted. Today the building is home to Alabama Media Group, publisher of AL.com and The Birmingham News.
- $5,000,000.00 in Tax Credits / $10,000,000.00 in Tax Revenues