$150 Million in New Lending Capital Helps Over 88,000 People in Low-Income Communities
More Choices in Education, Health Care and Aging for Families and Seniors in Need
WASHINGTON, Aug. 4 /PRNewswire/ -- This summer, the Community Investment Team at NCB Capital Impact partnered to create new loan funds totaling $80 million, and participated in $75.4 million in financing to provide more choice for people in low-income communities. The funds will help:
- 500 students get more choice for their education by providing $2.5 million of $3.5 million in New Markets Tax Credits financing to build a new home for KIPP Raices Charter School in Los Angeles, California;
- 5,000 people access health care by providing $3.6 million in New Markets Tax Credits financing for the Northeast Community Clinic in the Los Angeles community of Wilmington near Long Beach;
- 65 older adults have more choice and control over where and how they age by providing $10 million of $20 million in New Markets Tax Credits financing to renovate and expand The Mount Pleasant Home in Boston, Massachusetts;
- 300 students have more choice in their education by providing $1.7 million in New Markets Tax Credits financing for New LA Charter School in Los Angeles, California;
- 72,000 uninsured people have more choice in health care by providing over $10 million of $37 million in New Markets Tax Credits financing for the Denver Health and Hospital Authority in Denver Colorado; and
- Families of 300 students keep more choices for education by providing almost $4 million of $9.6 million in New Markets Tax Credits financing for Brighter Choice Foundation's Albany Community Charter School in Albany, New York.
Additionally, the team worked with Chase Bank to create two loan funds totaling $80 million to benefit families of over 5,000 students at 10 charter schools.
"Our community partners sparked and enabled these initiatives," said Terry Simonette, President and CEO of NCB Capital Impact. "Our mission is to support these communities to reach their highest potential at every stage of life, to provide choices that become building blocks or stepping stones for the future for kids, for families and for older adults," Simonette continued.
About NCB Capital Impact
NCB Capital Impact helps people and communities reach their highest potential at every stage of life. As a national, non-profit community development organization, NCB Capital Impact provides financial services and technical assistance to help make high-quality health care, housing, and education more accessible and attainable, and eldercare more dignified and respectful. NCB Capital Impact has used its depth of experience, cooperative approach, and diverse network of alliances to generate over $1.4 billion in critical investments that create a high quality of life for low-income people and communities. www.ncbcapitalimpact.org
SOURCE NCB Capital Impact
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