RenewAll Accepted into 2024 Opportunity Appalachia Program
RenewAll's mission to connect people and resources for neighborhood revitalization has gained the support of the
Opportunity Appalachia Program. RenewAll's project was one of 29 selected from a competitive application pool of over 90 submissions. Technical assistance will be provided to the selected projects, aiding in the development of investment prospectus, structuring financial transactions, conducting market research, operations planning, architectural design, and carrying out investor outreach. Following the completion of technical assistance, an
Investor Convening event will be held in early 2025, targeting both local and pre-vetted national investors, as well as federal and state funders. Additionally, a curated web-based platform hosting prospectus and pitch decks will also be made available to facilitate investor due diligence.
RenewAll will participate in the program to receive assistance in raising grants, loans, and investments in the cornerstone real estate project known as
Village Antiques & Art. The property urgently needs to be renovated to update aging systems and provide a permanent home for the Central Museum, as well as other critical programming for the mission work. RenewAll purchased the property at the end of 2023 and is currently working to stabilize the buildings with new roofs and structural facade work.
This work is possible based on the community support that RenewAll has received for our work in the form of grants and donations from individuals, which was leveraged for financing from People's Bank. RenewAll has taken on this project to attract other investments in real estate projects using historic tax credits for commercial buildings and new housing resources in the neighborhood. To learn more about our real estate project and how to help, contact us!
More about Opportunity Appalachia
Opportunity Appalachia, a regional program of Appalachian Community Capital, announced the selection of 29 projects to participate in its program to increase job growth, business support, and investment in Central Appalachia. The chosen projects underscore the increasing investment potential in rural and downtown communities across Central Appalachia. Opportunity Appalachia will actively engage with private investors, banks, Community Development Financial Institutions, New Markets Tax credit investors, Historic Tax Credit Investors, Opportunity Zone investors, and Federal agencies to highlight these communities and facilitate their access to necessary financing.
Since 2020, Opportunity Appalachia has supported 58 projects seeking to secure $471 MM for downtown and rural development. To date, $89 MM has been raised toward these projects, with five projects having closed on their financing. This program is supported by the Appalachian Regional Commission, the US Department of Treasury CDFI Fund, Truist Bank, Dogwood Health Trust, the Benedum Foundation, US Bank, and M&T Bank.
“We are excited to provide essential financial and technical support to our region, fostering investment in job-creating small businesses across sectors like clean energy, manufacturing, entrepreneurial support, the arts, and hospitality,” remarked Appalachian Community Capital (ACC) President & CEO Donna Gambrell, whose organization coordinates the Opportunity Appalachia effort.
See the Opportunity Appalachia project video from 2021 on the Prichard Building Revitalization here in Huntington, WV below!
