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Treasury’s New Markets Tax Credit program incentivizes business and real estate investment in these low-income communities via a federal tax credit. To help improve these conditions, the U.S.
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While affordable housing programs are critical to providing safe and accessible residential options in low‑income neighborhoods, they are often developed in locations where there aren’t enough available jobs, public transportation is limited, and things like fresh food grocery stores and family‑friendly entertainment are lacking or nonexistent. How tax credits help revitalize economically distressed communities
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“That’s what we focus on with each Maya Cinemas location - bringing people together.” “In the old days, the local movie theater was this magical place where communities came to meet and enjoy themselves,” said Esparza. Each year, Maya Cinemas also awards monetary scholarships to local high school students and hosts film festivals where aspiring filmmakers can showcase their work.
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“The movie theater draws people to the location, which creates a marketplace for additional businesses and the foundation for sustainable community growth.”Īs it takes root in each new community it serves, Maya Cinemas not only brings new jobs and career opportunities to local residents - it employs more than 350 people across all six locations - it also shows special open‑caption screenings for the deaf community, provides monthly free movie tickets for children with special needs, and offers discounted screenings for seniors. “As a catalytic commercial anchor, Maya Cinemas plays an important role in the revitalization of its properties and surrounding areas,” noted Esparza. The company once again turned to Wells Fargo for the debt and equity to finance the 14‑screen theater and 67,000‑square‑foot cinema complex that will eventually house restaurants and retail establishments. Now, more than a dozen years and six cinemas later, Maya Cinemas has expanded outside of California for the first time, opening its newest location in North Las Vegas, Nevada, in January 2019. The premiere project was financed by Wells Fargo’s Community Lending & Investment group through a combination of new markets tax credits and bank-provided financing. His vision became reality when Maya Cinemas opened the doors of its first location in Salinas, California, in 2005. “But for underserved neighborhoods - particularly Latino neighborhoods - local movie theaters have all but disappeared, leaving a void in what was once a wonderful communal experience.”Įsparza - the Mexican American film producer of Robert Redford’s “The Milagro Beanfield War” and the biopic “Selena” starring Jennifer Lopez - started Maya Cinemas in 2000 with the goal of bringing the theater experience back to Latino communities. “The movies bring people together,” said Esparza. Visit Wells Fargo Stories to watch the video: What happens to an underserved, low-income neighborhood when a nearly 70,000-square-foot cinema complex moves in? According to Maya Cinemas founder Moctesuma Esparza, the answer is a cascading effect of new jobs, economic growth, neighborhood revitalization, and a strengthened sense of community. Read about the top factors influencing ESG in 2021 - and how they impact communicators We help organizations share their ESG communications with audiences around the world
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