The Arkansas School for Mathematics, Science, & Arts is constructing a new student life complex that will include a residence hall for 250 students, dining hall, student lounge, and nursing office. Students at the residential high school have been residing in a repurposed building that was originally a hospital. Unfortunately, the building had many of the issues that come with an older structure and was in need of being updated or replaced. Construction is estimated to be completed in the summer of 2012, and students are expected to move in to the new complex next fall term. Financing for the new complex was enabled in part by a New Market Tax Credit allocation from Heartland Renaissance Fund. The New Market Tax Credit (NMTC) Program was established in 2000 as part of the community Renewal Tax Relief Act. The goal of the program is to spur revitalization efforts of low-income and other communities underserved by traditional capital across the United States and Territories. The NMTC Program provides tax credit incentives to investors for equity investments in certified Community Development Entities, such as Heartland Renaissance, which invest in low-income communities and projects.
