New Markets Tax Credits

Grundy Town Center

Grundy, VA is a small town located in the hills of Southwestern Virginia. In 1977 Grundy’s Commercial center was destroyed by flooding of the Levisa Fork River. This flood initiated a major flood control project to protect Grundy from future devastation.

This flood project sparked new efforts to rebuild and provide a future for its remaining residents. A new Town commercial center, anchored by Wal-Mart, was made possible through the use of New Markets Tax credit funding.

The first phase of restoration required carving space out of the mountain side(well above the river) to build the new community. The new Town Center will become an economic engine stimulating additional development in the area. Already two additional buildings have been added bringing new business and jobs.

Grundy Town Center Development – Phase 2 is currently underway as a part of the rejuvenation of this rural community that was devastated by multiple floods.

Plymouth Soundings, working with the Grundy, VA Industrial Development Agency coordinated all financial activities necessary to obtain NMTC allocation, provided guidance to accounting during construction and conversion operations, assisted with audits and compliance reporting.




Grundy Town Center

Grundy, VA