The Arkansas Museum of Fine Arts has finalized a $10 million Federal New Market Tax Credit (NMTC) transaction that is aimed at expanding its arts programming to children in Arkansas.
Multiple Arkansas financial institutions and law firms participated in the transaction. These firms include Centennial Bank, Simmons Bank, Arkansas Capital and its Heartland Renaissance Fund, Rose Law Firm and Friday, Eldridge & Clark LLP.
The tax credit transaction is intended to ensure that children of all income levels have access to arts programming. “Securing New Market Tax Credits for AMFA is testament to the important role the Museum plays in serving our community and state. On behalf of the Arkansas Museum of Fine Arts Foundation, we thank Centennial Bank, Simmons Bank, and Arkansas Capital for this allocation that will allow us to reach more Arkansans when we open the new building in 2022,” Arkansas Museum of Fine Arts Foundation chairman Warren Stephens said in a statement.
Established by U.S. Congress in 2020, the NMTC Program is administered through the U.S. Treasury Department’s CFDI Fund and strives to attract investment capital to disadvantaged communities.
“We are grateful for the commitment and work of the Arkansas financial and legal institutions who made these generous tax credits possible,” AMFA Executive Director Victoria Ramirez said. “The tax credits support the construction of the new AMFA facility and grounds in MacArthur Park, a project funded by the generosity of contributors to the Capital Campaign. The Campaign, led by co-chairs Harriet and Warren Stephens, has raised nearly $136 million to date and, in January 2021, established a new goal of $142 million.”