EO’s Regional Workforce and Child Development Hub Nominated for Real Estate Community Investment of the Year at National Novogradac Awards

EO Companies (EO), a Virginia-based 501(c)(3) nonprofit, has been nominated for the Real Estate Community Investment of the Year for the Novogradac Tax Credits Awards by The Innovate Fund. This prestigious national recognition highlights transformative projects leveraging New Markets Tax Credits (NMTC) funding to revitalize underserved communities and drive economic development.

EO’s nomination stems from its groundbreaking Regional Workforce and Child Development Hub, a $26.5 million public-private partnership that has repurposed an 87,000-square-foot former K-Mart building in Abingdon, Virginia, into a vibrant center for workforce and educational development. The Hub is a first-of-its-kind investment in Southwest Virginia, designed to address workforce shortages, support families, and drive economic prosperity.

“This nomination is a tremendous honor, not just for EO but for the entire Southwest Virginia region,” said Travis Staton, President and CEO of EO. “It underscores the importance of investing in infrastructure that empowers families, supports employers, and strengthens our economy. Being recognized on a national scale highlights the incredible work happening here to create a thriving future for our communities.”

A Catalyst for Regional Growth

The Hub is a direct response to the region’s workforce attraction and retention challenges. It provides:

· High-quality onsite childcare for 300 children, allowing more parents to participate in the workforce.

· Support for a network of 200+ childcare operators, offering back-office services and resources to sustain and expand early childhood education.

· Career exploration and hands-on learning opportunities for 30,000 K-12 students annually, in partnership with area employers, ensuring a strong talent pipeline for the future.

By eliminating barriers to employment and education, the Hub not only enables families to remain and prosper in Southwest Virginia but also helps local businesses and new employers thrive, ensuring long-term economic stability for the region.

National Recognition for a Historic Investment

EO is the first organization in Washington County, VA, to receive New Markets Tax Credits funding—making this nomination an even more significant milestone. This achievement was made possible through the support of the Innovate Fund, which provided $5.5 million in NMTC allocation and Dudley Ventures Community Investment, which allocated $7 million of NMTCs. These investments enabled EO to successfully redevelop the existing structure into a community asset that will enhance quality of life, strengthen the local workforce, and fuel economic prosperity.

“This project embodies everything we look for in an investment,” said Emma Wyatt, Chief Operating Officer at The Innovate Fund. “It has a profound, lasting impact on the region, from increasing access to education to driving economic growth. The Hub is a model for how strategic investment can transform communities.”

Learn More

To see firsthand how The Hub is making a difference, watch this video produced as part of the project’s nomination: https://www.youtube.com/watch?v=p-Z4YRcNof4

For more information about EO and its programs, visit https://www.eoco.org/our-work