San Francisco (June 6, 2014) — The Community Vision (Community Vision), a community development lender headquartered in San Francisco, has been awarded $33 million in New Market Tax Credits (NMTC) from the U.S. Department of Treasury’s Community Development Financial Institution Fund. Community Vision is one of 87 organizations across the United States to receive a total of $3.5 billion in tax credits, which are used to stimulate private investment in economically distressed communities.
Over the last six years, Community Vision has disbursed $80 million in the credits, which leveraged an additional $144 million to low-income communities throughout Northern and Central California to support housing, youth development, community arts, people with disabilities, and environmental innovation. Through the New Markets program, Community Vision has successfully financed eight projects which created 202,000 square feet of community facilities and 2,469 jobs. This year’s allocation award brings Community Vision’s total tax credit allocations to $113 million.
Established by Congress in 2000, the New Markets Tax Credits program was created to provide an opportunity for individual and corporate taxpayers to make investments that stimulate economic development and create jobs in low-income communities.
Earlier this spring, Community Vision provided NMTC financing to the East Oakland Youth Development Center (EOYDC), which offers free programming five days a week to nearly 2,000 at-risk youth annually in subjects ranging from art and education to wellness and job training. The center acts as a safe haven for youth living in a community struggling to overcome poverty, crime, high dropout rates, growing unemployment rates, and poor health outcomes.
With few options for youth to engage in positive activities in the neighborhood, the need for a larger space became vital for the center and surrounding community. New Markets investment from U.S. Bank and Community Vision totaling $9.75 million enabled EOYDC to renovate and expand its program and headquarters space. Community Vision then collaborated with Partners for the Common Good to provide an additional $2.85 million in bridge financing to the project. The renovation will be completed by summer 2015, allowing EOYDC to serve an additional 1,000 youth annually.
“The NMTC program is a uniquely powerful way to make real change in low-income communities in Northern and Central California,” said Mary A. Rogier, President of Community Vision. “The fact that we’re already seeing the huge impact of private-sector dollars flowing into disadvantaged communities speaks for itself. We’re thrilled to continue our work through this program.”
For more information about Community Vision’s NMTCs, please contact Ross Culverwell at (415) 392-9215 ext. 317 or rculverwell@www.ncclf.org. For media related inquiries, please contact Luba Yusim at (415) 392-8215 ext. 337 or lyusim@www.ncclf.org. For more information about the New Markets Tax Credit Program, please visit the CDFI Fund’s website at www.cdfifund.gov/nmtc.
