The New York City Regional Center (NYCRC)-managed entity has closed $15m New Market Tax Credit financing to boost community initiatives and structural improvements for The Town Hall, a national historic landmark situated at 123 West 43rd Street, US.

The financing package will support the non-profit Town Hall Foundation in its aim to provide educational and community programming for low-income groups and to carry out essential facility upgrades to the 60,000ft² complex.

The financing comes from the New Market Tax Credit allocation awarded by the US Department of Treasury to the New York City Regional Community Development, managed by NYCRC.

To secure this award, NYCRC demonstrated a mission to supply investment capital to low-income communities.

Its past projects include economic development initiatives such as the construction of the National Urban League headquarters and the expansion of St. John's Episcopal Hospital Center, among others.

Established in 1921, The Town Hall stands as a beacon of cultural history, hosting several artists, thinkers, and musicians for over a century.

Renowned for its acoustic properties, The Town Hall provides unobstructed stage views, endearing it to both audiences and performers.

It remains an iconic venue in New York City, offering a diverse range of cultural and musical events and serving thousands through its extensive community programmes.

Established by the US Congress in 2000, the New Market Tax Credit Program is designed to stimulate economic growth and private investment in undercapitalised low-income neighbourhoods and rural areas.

By offering federal income tax credits to investors, the programme seeks to attract the private capital necessary to revitalise local economies that traditionally struggle to draw investment.