Enhanced Capital Provides $10 Million in Florida New Market Tax Credit Financing to Metropolitan Ministries
NEW YORK, Jan. 23, 2013 /PRNewswire/ -- Enhanced Community Development, a subsidiary of Enhanced Capital Partners ("Enhanced Capital"), announced today it recently provided $10 million in Florida New Market Tax Credit financing to the Metropolitan Ministries for building Miracle Place, a campus that will be dedicated to meeting the growing needs of the homeless in the Tampa Bay area.
The Metropolitan Ministries was formed in 1972 to more efficiently meet the needs of the Tampa Bay area homeless. Miracle Place is a new complex that will offer education, rehabilitation, family counseling, child care, food services, and emergency shelter. These buildings will also be the site of a unique elementary school offering small class sizes and additional social services for low-income children. This project will provide 115 local construction jobs for the community and 44 new or retained permanent jobs after the facility is completed.
"This is an ideal transaction for the Florida State New Market Tax Credits program," said Richard Montgomery, Managing Director at Enhanced Capital. "We're providing financing to an operating entity that creates direct permanent jobs and provides important and necessary services to low income persons, which are both primary elements of the program."
"The Tampa Bay area has the highest rate of homelessness in the nation: Nearly 18,000 on any given night and 4,000 of these are children," said Phil Signore, Chief Financial Officer of Metropolitan Ministries. "This financing will allow Metropolitan Ministries to provide continued support to the Tampa Bay community and to deliver essential services the community so desperately needs."
About Enhanced Capital
Enhanced Capital Partners, Inc., headquartered in New York City, is a diversified private investment firm focused on established small and mid-sized companies overlooked by traditional sources of capital due to location or size. Since 2000, Enhanced Capital has raised more than $600 million through a variety of state and federal public-private investment programs. For more information, visit www.enhancedcapital.com.
This is intended for marketplace communication purposes only and is neither an offer to sell nor a solicitation of any offer to buy any securities, investment product or investment advisory services. This is not an offering or the solicitation of an offer to purchase an interest in a fund.
Marissa Wolf on behalf of Enhanced Capital
SOURCE Enhanced Capital Partners