The Model Group (TMG) is a Cincinnati-based development, construction and property management company with a particular focus on revitalizing urban neighborhoods. Founded in 1978, it has expanded over the years from taking on small-scale apartment and single-family developments to more complex Low Income Housing Tax Credit projects to comprehensive neighborhood revitalization efforts.

TMG is partnering with Walnut Hills Redevelopment Foundation (WHRF), a nonprofit community development corporation, on a project to restore a former grocery store site in the Walnut Hills neighborhood to productive use.

Paramount Launch is a project that has transformed a vacant, blighted commercial site in Walnut Hills into a mixed-use commercial facility. The development includes space for a business incubator, food retailers and Artworks—a community arts and education program. Financing includes three separate New Markets Tax Credit financing structures to align with the different tenants. Broadstreet is supporting the Artworks portion of the project.

This new commercial space is part of a larger redevelopment effort that includes 56 new rental apartments in a community with high rates of unemployment and poverty. The project is bringing housing, businesses and jobs to a severely distressed census tract.

Broadstreet committed $4 million in NMTC allocation from the Local Initiatives Support Corporation (LISC) to support development of the program space for Artworks. The financing helped create 32 full time jobs and 67 temporary and/or construction jobs. ArtWorks’ new location will allow them to further expand their program and create up to 50 new youth apprenticeship roles. Fifth Third Bank is the investor.

NMTC allocations from RBC Community Development, Enterprise Community Loan Fund, Urban Action Community Development and National Development Council facilitated two additional investments to support new space for other tenants.

Importantly, Paramount Launch offers below-market rents to local businesses, which would not be possible without the affordable NMTC financing. Given significant economic vulnerabilities, the community could not otherwise support a project of this scale, scope and long-term impact.