North Sky Capital Awarded $3.7 Million in Tax Credits by Kentucky’s New Markets Development Program
The state’s development program was created to encourage investments in low-income communities.
Minneapolis, MN – North Sky Capital (“North Sky”), a pioneer impact investor that manages a Low-Income Communities (“LICs”) investment initiative to direct much-needed capital to overlooked communities throughout the United States, has been awarded $3.7 million in tax credits for investments in Kentucky as part of the state’s New Markets Development Tax Credit Program.
Kentucky’s program was established to encourage taxpayer investments in low-income areas of the Bluegrass state. North Sky will invest these tax credits through its National Impact Fund, LLC (“NIF”), a Qualified Community Development Entity that is part of North Sky’s LIC investment initiative. To date, this LIC initiative has committed $98 million, either through direct investment or tax credits, to projects in Alabama, California, Kansas, Minnesota and North Carolina.
“For nearly 20 years North Sky has been focused on bringing about positive environmental and social impact while also seeking attractive returns for our investors,” said Scott Barrington, CEO of North Sky. “In recent years, we recognized that many LICs in the U.S. are being overlooked by the financial system and we were in a position to help. We know these tax credits will make a positive impact in lower income areas within Kentucky.”
To learn more about North Sky and its commitment to impact investing, download North Sky Capital’s firm brochure and 2021 Impact Report.
About North Sky Capital
North Sky Capital is a pioneer in impact investing in the United States. Now in its 21st year, North Sky has deployed more than $1 billion across 125 impact investments on behalf of its nine impact funds. The Firm’s active investment strategies focus on impact private equity (secondary strategy) and sustainable infrastructure (direct strategy) investments that support positive environmental and social impact while targeting market rate investment returns. Since 2010, North Sky’s sustainable infrastructure funds have deployed approximately $630 million in 33 middle market infrastructure investments across the clean energy, waste and water sectors in North America. Based in Minneapolis with additional offices in Boston and New York, North Sky is one of the most active impact investment managers. For more information, visit www.northskycapital.com.
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