With this $30 million allocation, Opportunity Fund will be able to raise $30 million from lenders and investors to fund new commercial, non-residential real estate projects that provide substantial benefits to low-income communities.
San Francisco (PRWEB) May 06, 2013
Opportunity Fund is pleased to announce it was awarded a new $30 million allocation under the U.S. Treasury Department's New Markets Tax Credit (NMTC) program. NMTC was created to increase economic opportunity in distressed areas of the nation. A total of $3.5 billion in NMTC allocations were awarded this week, to 85 organizations nationwide, through a highly competitive application process.
“With this $30 million allocation, Opportunity Fund will be able to raise $30 million
from lenders and investors to fund new commercial, non-residential real estate projects that provide substantial benefits to low-income communities, like health clinics, youth centers, and homeless shelters,” said Jeff Wells, Vice President, New Markets Fund Director. The investors will receive tax credits, which enables Opportunity Fund to offer very low-interest rates and partial loan forgiveness on projects that cannot be built with conventional financing.
With this latest award, Opportunity Fund has now received a total of $170 in NMTC allocations to support our Community Real Estate investing. To date, Opportunity Fund has provided financing for 12 projects, which have leveraged $225 million in additional capital and have supported more than 3,000 construction and permanent jobs. Some of these projects include rehabilitating the Boys and Girls Club Mission Clubhouse in San Francisco, expanding the Dream Center in Los Angeles, and constructing the Native American Health Center in Oakland.
For example, Monica came to The Dream Center after fleeing from a violent relationship. She and her five children had driven across the country, not knowing where they would end up. They found a safe home, free from abuse, through The Dream Center's Family Housing program. Located in Los Angeles' "Skid Row," the Dream Center offers a food bank, mobile medical clinic, shelters, job training, and counseling. Opportunity Fund provided $16.1 million to finance the rehabilitation of The Dream Center, ensuring it will continue to serve as one of the largest human service providers in Los Angeles.
Click here to learn more about our Community Real Estate program and the projects we have been a part of. This most recent $30 million allocation ensures that we will continue to impact low-income communities through Community Real Estate investments. For more information, contact Jeff Wells: jeff (at) opportunityfund (dot) org.
Click here to read the CDFI Fund Award Announcement.
About Opportunity Fund
Opportunity Fund is a not-for-profit social enterprise helping thousands of California families build financial stability. Our strategy combines microloans for small businesses, microsavings accounts, and community real estate financing. Now California's leading microfinance provider, Opportunity Fund began based on the idea that small amounts of money and financial advice could help people make permanent and lasting change to improve their own lives. Since making our first loan in 1995, our team has deployed over $279 million and helped more than 15,000 low-income Californians.
For more information on Opportunity Fund visit http://www.opportunityfund.org.