Working Capital Provided by National Community Fund to Strengthen Mill and Retain 971 Jobs at Roseburg Forest Products
Portland, Ore. (PRWEB) August 28, 2014 -- United Fund Advisors (UFA) today announced that National Community Fund (NCF), an affiliate of UFA, has provided $10 million in New Markets Tax Credit (NMTC) financing to Roseburg Forest Products. The influx of working capital will allow Roseburg Forest Products to install new equipment and expand its facilities in order to capitalize on the timber industry’s recovery and retain 971 family-wage jobs.
“This investment will enable Roseburg Forest Products to retain nearly 1,000 permanent jobs at the Dillard Mill—a critically important economic engine for the surrounding Douglas County community,” said Carl Talton, Manager of NCF. “The project is a perfect example of the New Markets Tax Credits program’s value in providing much-needed opportunities and infrastructure in distressed communities.”
For more than 75 years, Roseburg Forest Products, based in Dillard, Oregon, has provided forest products from Oregon’s timberlands. The company employs over 3,000 employees, including 971 employees at their multi-mill complex in Dillard. Roseburg and the local economy were hit particularly hard during the recent recession, as both are heavily dependent on new home construction and wood-product manufacturing.
In addition to providing working capital for Roseburg Forest Products, a portion of the NMTC financing was used to fund local economic development initiatives through a partnership between UFA, Sustainable Northwest and Rural Development Initiatives.
“Working with Sustainable Northwest and Rural Development Initiatives—two non-profit organizations focused on economic and community development in rural communities—we have identified several opportunities to provide financing in support of small business development in the area around Dillard,” continued Mr. Talton. “We are pleased to be able to use our NMTC financing in an innovative way to support both Roseburg Forest Products and small business development efforts in the region.”
About United Fund Advisors & National Community Fund
UFA is a fund manager and financial services company that provides tax-advantaged investment capital and advisory services for community development and renewable energy projects throughout the country. With over $2 billion of assets under management, all of UFA’s investments and services are driven by its triple bottom line mission “to create opportunities for profitable investments which enhance social and environmental yields.” UFA’s investments have incorporated a wide array of alternative financing tools, including NMTCs, Renewable Energy Investment Tax Credits, Historic Rehabilitation Tax Credits and EB-5 capital.
National Community Fund is a community development entity formed by Portland Family of Funds Holdings, Inc. and UFA. NCF partners with economic development agencies to provide below-market, flexible financial products for high-impact projects located in highly-distressed urban and rural communities throughout the country. NCF was recently awarded its seventh consecutive NMTC allocation from the Community Development Financial Institutions Fund of the U.S. Department of Treasury. In 2014 NCF was awarded $55 million in NMTC allocation authority, bringing NCF’s total allocation awards to $442 million.
About Roseburg Forest Products
Roseburg Forest Products, based in Dillard, Oregon, is a family-owned manufacturer of engineered wood products, lumber, plywood, particleboard and specialty panels. It owns and manages timberlands in the Western United States, and operates manufacturing facilities in the Western and Southern regions of the country.
About Rural Development Initiatives
Rural Development Initiatives, Inc. is a private, nonprofit 501(c)3 organization based in Eugene, Oregon. RDI was formed in 1991 in response to the timber industry crisis facing the Pacific Northwest. Today RDI is continuing to support rural communities as they work through challenging economic conditions. RDI’s nationally recognized programs and services help communities help themselves with effective and results-oriented training and resources necessary for individuals living in rural communities to build and sustain a better future in their communities.
About Sustainable Northwest
Sustainable Northwest is a non-profit based in Portland, Oregon that restores forests, rivers, and rangelands for healthier habitat and clean air and water. By bringing people together to find common ground, they are building a regional economy based on land stewardship, and markets for sustainable wood and clean energy. They are committed to finding workable solutions to natural resource issues that benefit both people and nature.
Marian Hammond, Weinstein PR, +1 (971) 570-7946, [email protected]
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