- Community Development
In 2011, Community Ventures partnered with four other community development entities to provide $40 million to the University of Pikeville Kentucky College of Osteopathic Medicine. Located in Eastern Kentucky, the new medical school is part of a strategic plan to upgrade educational services in Central Appalachia.
New Markets Tax Credit funds were used to build the new facility for the college’s school of medicine, which encouraged nearly doubled medical student enrollment.
“This facility [changed] the landscape of Pikeville once again,” said Pikeville City Manager Donovan Blackburn. He referred to the project as “a catalyst to help carry us where we need to be”.
In March 2012, a devastating tornado outbreak hit Kentucky. West Liberty in Morgan County was one of the hardest hit towns; the infrastructure was severely damaged, including public utilities such as electric and water, and nearly all major buildings, including public schools, grocery stores, restaurants, and government offices were destroyed by the storms.
A strategic plan was developed to rebuild key components of the town, and Community Ventures provided $10 million in New Markets Tax Credit allocations to help rebuild several of West Liberty’s municipal buildings, including the Morgan County Office Building and Community Center, the Old Morgan County Courthouse, a judicial building parking garage, and a high school.
Nursing core classes began at Union College in the fall semester of 2014 after Union College received accreditation to establish a four-year Bachelor of Science nursing program. Located in the southeastern region of the state, the Union College School of Nursing and Health Sciences was established as a way to decrease the nurse shortage in Appalachia and is the only program of it kind within fifty miles.
“There is a desperate need for baccalaureate-prepared nurses in our area,” said Lorene Putnam, dean of Union’s Department of Nursing and Health Sciences. “Union is proud to help fill the void.”
Community Ventures partnered with another community development entity from Virginia and provided $10 million in New Markets Tax Credit allocations to fund the $17 million project with U.S. Bank serving as the tax credit investor.