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Charleston Business

International African American Museum Receives New Markets Tax Credits from TD Community Development Corp.

Oct 15, 2020 03:57PM ● By David Dykes

(Rendering courtesy of International African American Museum)

TD Community Development Corp. (TDCDC), a wholly owned subsidiary of TD Bank, N.A., announced its allocation of New Markets Tax Credits to the International African American Museum in Charleston, S.C., to assist in its construction project and opening.

The allocation results in an equity investment of more than $5.5 million from TD, company officials said.

The museum is making a long-term investment in South Carolina by designing and building a $96 million state-of-the-art, interactive museum to educate the world on the under-told stories of African Americans.

Organizers said the museum will illuminate Charleston's role in the international slave trade and connect visitors to the past, demonstrating how enslaved as well as freed African Americans shaped the economic, political and cultural development of the nation.

Additionally, the museum will include a Center for Family History, designed to be a leading national genealogical research center.

TDCDC's NMTC allocation will be used for space to house the museum's exhibitions and create interactive educational galleries on African American history.

Company officials said the investment also helps create 186 jobs in the Charleston community along with apprenticeship and fellowship programs. 

Once the center is open (expected in 2022), visitors and researchers will have access to resources that will include a variety of databases and records to help individuals and families increase their understanding of their family’s history and the role their ancestors played in shaping American history through genealogy testing and census research.

"TD is proud to invest in the International African American Museum, which will provide visitors an unprecedented view into African American history," said Will Richter, TDCDC’s vice president and compliance director. “The museum will extend vital access to educational resources for students and families in the region to learn more about the African American experience. We are honored to support the museum and its long-term investment in the Charleston community." 

The museum anticipates serving approximately 145,000 visitors in its opening year alone.

Furthermore, the $3 million Richardson Family Endowment, established by Jerry and Rosalind Richardson, will support field trips to the museum for underserved students from schools located in the Southeastern United States. Those funds are expected to support travel and admission for approximately 20,000 low-income students annually.

“More than $96 million has been raised from individuals, corporations and foundations to construct the museum,” said Dr. Elijah Heyward III, chief operating officer of the International African American Museum. “We are so grateful to TD Bank for its leadership in securing a NMTC allocation to benefit the museum. This diversifies our funding sources, which is helpful as we move toward opening.”

In 2017, the TD Charitable Foundation, the charitable giving arm of TD Bank, also provided $250,000 to support the museum's Center for Family History. 

"The foundation grant and NMTC investment to the museum demonstrate TD's unique social purpose, leveraging the combined strength of our business, philanthropy and human capital to build an inclusive future for all," said Shelley Sylva, TD Bank’s head of social impact.