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International African American Museum Receives New Markets Tax Credits from TD Community Development Corporation
October 15, 2020
TD's investment will help the non-profit create 186 new jobs, exhibit space
TD Community Development Corporation (TDCDC), a wholly-owned subsidiary of TD Bank, N.A., announced today its allocation of New Markets Tax Credits (NMTC) to the International African American Museum in Charleston, South Carolina, to assist in its construction project and opening. The substantial allocation results in an equity investment of more than $5.5 million from TD.
The International African American Museum is making a long-term investment in South Carolina by designing and building a $96 million state-of-the-art, interactive museum to educate the world on the under-told stories of African Americans. The museum will illuminate Charleston's role in the international slave trade and connect visitors to the past, demonstrating how enslaved as well as freed African Americans shaped the economic, political and cultural development of the nation. Additionally, the museum will include a Center for Family History, designed to be a leading national genealogical research center.
TDCDC's NMTC allocation will be used to fabricate a dynamic space to house the museum's exhibitions and create interactive educational galleries on African American history. The investment also helps create 186 new jobs in the Charleston community with benefits such as health insurance, paid personal time off, sick leave and retirement plans for full-time employees, along with apprenticeship, fellowship and wage-progression programs.
Once the Center is open (expected in 2022), visitors and researchers will have access to cutting-edge resources including a variety of databases and records to help individuals and families increase their understanding of their family’s history and the role their ancestors played in shaping American history through genealogy testing and census research.
"TD is proud to invest in the International African American Museum, which will provide visitors an unprecedented view into African American history," said Will Richter, Vice President and Compliance Director, TDCDC. “The museum will extend vital access to educational resources for students and families in the region to learn more about the African American experience. We are honored to support the museum and its long-term investment in the Charleston community."
The museum anticipates serving approximately 145,000 visitors in its opening year alone. Furthermore, the $3 million Richardson Family Endowment, established by Jerry and Rosalind Richardson, will support field trips to the museum for underserved students from schools located in the Southeastern United States. These funds are expected to support travel and admission for approximately 20,000 low-income students annually.
“More than $96 million has been raised from individuals, corporations and foundations to construct the museum,” said Dr. Elijah Heyward III, Chief Operating Officer of the International African American Museum. “We are so grateful to TD Bank for its leadership in securing a NMTC allocation to benefit the museum. This diversifies our funding sources, which is helpful as we move toward opening.”
In 2017, the TD Charitable Foundation, the charitable giving arm of TD Bank, America's Most Convenient Bank®, also provided $250,000 to support the museum's Center for Family History.
"The Foundation grant and NMTC investment to the museum demonstrate TD's unique social purpose, leveraging the combined strength of our business, philanthropy and human capital to build an inclusive future for all," said Shelley Sylva, Head of Social Impact, TD Bank.
About TD Community Development Corporation
TD Community Development Corporation (TDCDC) is a certified Community Development Entity and wholly-owned subsidiary of TD Bank, N.A. Since 2007, TDCDC has been a five-time Allocation Award winner under the NMTC Program, investing in the revitalization of low-income, urban and rural neighborhoods across TD's Maine to Florida footprint. To date, TDCDC has deployed $385 million in NMTC allocation authority and leveraged over $500 million in project financing to support 39 projects. TDCDC's bifurcated deployment strategy helps commercial and industrial businesses create and retain high-quality, accessible jobs and helps community-based organizations improve and expand local services, resources and facilities.
In July of 2020, the U.S. Treasury’s CDFI Fund awarded 76 Community Development Entities (CDEs) a total of $3.5 billion in New Markets Tax Credits. Since 2003, the federal program has generated over 1 million jobs and financed nearly 6,000 projects around the nation. Historically, NMTC Program awards have generated $8 of private investment for every $1 invested by the federal government.
About the International African American Museum
The museum strives to foster empathy and understanding, empowering visitors with the knowledge of the past. The journey will challenge, illuminate, inspire and ultimately, will move people to action. The museum’s exhibitions will share untold stories using classic techniques as well as new approaches driven by innovation, technology and digital interactivity. Themes will include connections across the African diaspora, the spread of African American culture and influence, and the movements for justice and equality. The Center for Family History will enable visitors to trace their genealogy, while changing exhibitions and special events will keep the museum energized. Educational programs will provide life-long learning opportunities for visitors both young and old.
The museum will open early 2022 and is seeking additional funds to further its mission. For more information or to contribute, please visit the International African American Museum website at iaamuseum.org or connect on social media @iaamuseum on Twitter, Facebook, and Instagram.
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