Congressman Richard E. Neal's Work on New Market Tax Credits Sparks Revitalization of Holyoke Public Library
January 16, 2013
CONGRESSMAN RICHARD E. NEAL'S WORK ON NEW MARKET TAX CREDITS SPARKS REVITALIZATION OF HOLYOKE PUBLIC LIBRARY
Neal to Tour Library's Progress and Promote Reauthorization of New Markets Tax Credits
(SPRINGFIELD) New Markets Tax Credits, a program originally sponsored by Congressman Richard E. Neal, has made a vital contribution toward the renovation and expansion of the Holyoke Public Library. Neal will tour the Holyoke Public Library tomorrow, Thursday, January 17 at 11:15 with library officials to see the direct impact of this critical funding.
“Since 2000, New Markets generated $45 billion in capital and created over 500,000 jobs in traditionally overlooked communities- like Holyoke- in order to spur economic development, private investment and create jobs,” said Neal. "Holyoke has benefited greatly from New Markets, with financing also going toward the Massachusetts Green High Performance Computing Center and the Holyoke Health Center."
Neal recently shepherded through Congress a two-year reauthorization of New Markets Tax Credits.
"New Markets Tax Credits were instrumental in bringing the project to fruition," said Matt Blumenfeld, the Holyoke Public Library campaign director. "Obtaining New Markets for a library, the first time they have been used in such a project in Massachusetts, was a ground-breaking achievement that now serves as an example for other communities throughout the Commonwealth and beyond. We are grateful to Congressman Neal for championing this important funding program."
Over time, the library building, which was constructed in 1902, had substantially aged and deteriorated, and was clearly no longer able to meet the needs of the community.
But, thanks in large part to NMTC financing, a bold new vision for providing modern library services has been put into action. The new and improved library will provide critical public access to computers and the latest technology. This project is transforming the 25,000 square foot original building into a magnificent 40,000 square foot learning and resource center, with vastly expanded community and programming space, dozens of computers, distance learning classrooms, safe and secure historical archives, a new young adult room and large children’s floor. Renovation and expansion is now nearly 70% complete and the official reopening is planned for fall of 2013.