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Mar 17 2010

Arkansas Baptist College Receives $18 Million Expansion

Buffalo Development, LLCNot long ago, the enrollment level at Arkansas Baptist College was around 300 students. The college facilities were neither updated nor plentiful, and there was not enough housing available for the students on campus. Because of the situation wit the facilities, students were being housed in motels and shuttled back and forth to campus. Some classes were even being housed in motels and shuttled back and forth to campus. Some classes were even being held at a local middle school. US Bank, First Security Bank, and Heartland Renaissance Fund (HRF) came together and utilized the New Market Tax Credit program to provide $20.1 million dollars to renovate Old Main, construct new dorms, build new classrooms, and purchase abandoned houses in the surrounding area. This project re-created the college experience for Arkansas Baptist’s students, and the college was able to reduce costs they had been incurring from housing students off-site. Currently, the enrollment level at the college is near 1,200 students which is an increase of 900 students.

Categorized: Arkansas Capital Corporation Group News>New Markets Tax Credit News

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