New Markets Tax Credit

CSH uses our New Markets Tax Credit (NMTC) allocations to support the innovative financing of supportive housing projects throughout the country and is currently seeking future allocation.  Use of this program allows CSH to finance non-residential uses, such as community health facilities, which are either co-located with or linked to supportive housing projects or populations.

The NMTC permits individual and corporate taxpayers to receive a credit against federal income taxes for making equity investments in investment vehicles known as Community Development Entities (CDEs). CDEs must apply to the Treasury Department’s CDFI Fund to compete for this allocation authority.

CSH is also a partner in the innovative Healthy Futures Fund, a debt-equity financing facility which finances affordable housing with Low Income Housing Tax Credits and supports community health centers with New Markets Tax Credits.

2017 $50M Allocation

The U.S. Treasury Department’s Community Development Financial Institutions (CDFI) Fund has announced an award of $50 million in New Markets Tax Credit (NMTC) to CSH as part of the federal government’s 2017 round of allocations. “With this opportunity, we can leverage even more resources to drive projects leading to new jobs and economic development in some of the most economically distressed neighborhoods in our country,” said CSH President and CEO Deborah De Santis. “Not only will we be able to spur economic revival in places where it’s needed most, this new NMTC allocation will help fulfill our goals of expanding housing and healthcare services to hundreds who are struggling to improve their lives.”

2016 $65M Allocation

In November 2016, CSH was awarded $65 million in NMTC allocation for Round 13 to finance health centers and social service facilities that serve homeless and high-health need clients and Supportive Housing residents. We have invested this NMTC allocation in five projects.

Central City Concern Eastside Campus (Portland, OR)

CSH provided a $15M NMTC allocation to Central City Concern for the development of the Eastside Campus Project, also known as the Blackburn Building. Our investment supports the development of a 51,000 SF FQHC, which includes an on-site pharmacy and 51 respite beds for medically frail, very low-income individuals. Included in the six-story building and financed separately with low income housing tax credits, will be an additional 124 units of SRO and studio supportive housing for the most vulnerable — focusing on substance use disorder programs. In addition to primary healthcare, support services provided by Central City Concern will include comprehensive case management, mental health services, substance use treatment, housing placement, employment services and care coordination with other systems. As part of a Housing is Health collaboration, the project is supported by six area hospitals who provided $20 million in grant funding for the construction of the project, and Medicaid Managed Care Organizations who will provide funding to support the operations of the medical respite program.  The project is also part of a study to be conducted by the Center for Outcomes Research and Education (“CORE”) who is completing some of the most comprehensive research in the country about the effect of housing on cost and access to services.  The project closed November 10, 2017 and is currently under construction.

VIDA At Sloan’s Lake Medical and senior activity center  (DENVER, CO)

CSH provided $12 million in NMTC allocation to the Denver Housing Authority for the construction of a new mixed-use building containing an activity center for senior citizens, a community health center operated by Centura Health and a kidney dialysis clinic operated by Fresenius Kidney Care.  The services will be co-located with 175 units of housing for very low income seniors or individuals with disabilities financed separately with 4% and 9% Low Income Housing Tax Credits, nearly all affordable to those at or below 30% of AMI.  The project is a critical component of a $300 million master redevelopment plan of the former St. Anthony Hospital site and will reestablish critical healthcare services in Sloan’s Lake, a medically underserved neighborhood, while also providing fitness, nutrition and wellness programs for its residents and the surrounding community. The co-location of uses and cross programming that the project offers will allow the seniors and those with disabilities to age in place with amenities and services proven to positively impact their health and well-being.  This project closed November 7, 2017 and is currently under construction.

Catholic Charities’ St. Paul Opportunity Center (St. Paul, MN)

CSH provided $12.4 million in NMTC allocation to Catholic Charities of the Archdiocese of St. Paul and Minneapolis for the construction of a 61,000 SF service center focusing on the needs of very low income and homeless individuals.  The new service center will be  located on the first two floors of a six-story mixed-use building and will provide primary health and dental care, mental and behavioral health services, financial benefits counseling, housing placement, adult education/workforce development programs, meal service, and other services to individuals living on-site and in the broader St. Paul and Ramsey County community.  The top four floors will consist of 177 units of supportive housing financed separately with 4% Low Income Housing Tax Credit bonds, all of which will be connected to the coordinated entry system and affordable to those at or below 30% of AMI, with units for those with disabilities, young adults, and veterans.  The project will all ow Catholic Charities to consolidate its services in St. Paul, and to expand services through partnerships with other providers who will provide services onsite, including Westside Community Health Center (a Federally Qualified Health Center), Ramsey County, Radias Health, MN Veterans Administration, and the MN Assistance Council for Veterans.  It will help to further Ramsey County’s RUSH (Redirecting Users of Shelter to Housing) program, which has the goal to permanently house the top 100 users of emergency shelters in Ramsey County, and is anticipated to provide support services to more than 7,000 people annually.  This project closed 12/15/2017 and is under construction.

The Commons at Stanton Square-Community of Hope Behavioral Health Center (Washington DC)

CSH provided $5.1 million in NMTC financing to Horning Brothers through LISC’s Health Futures Fund to develop a new 11,300 behavioral health center.  The health center will be leased and operated by Community of Hope, a Federally Qualified Health Center (“FQHC”) and Supportive Housing provider. The Project is part of a larger mixed use development known as the Commons at Stanton Square which will include a 42,000 SF facility to be operated by Martha’s Table to provide early childhood education, nutrition, healthy eating, wellness, and after-school programs; 121 affordable apartments (of which 108 units will be affordable to those at or below 50% of AMI and 13 of which will be Supportive Housing units affordable to those at or below 30% of AMI); and 42 market rate townhomes.  The development will be built to LEED Silver standards and will allow Community of Hope to serve 1,173 low-income patients annually with mental health counseling, employment and job training services, homelessness prevention services, health insurance enrollment, and general case management.  This transaction closed on 5/22/17 and is under construction.

Lighthouse Youth Services (LYS) Sheakley Center (Cincinnati, OH)

CSH provided $10.5 million in NMTC allocation to LYS for the development of a 26,000 SF comprehensive service center targeted to homeless youth 18 to 24 years old to include a 36-bedroom dormitory style transitional shelter, a day services facility, classroom/multi-purpose space, nurses station, and office space for 50 employees.  On-site services include a commercial kitchen providing three meals per day, behavioral/mental health services, substance use treatment, outreach services, case management, social support development, job and life skills training, housing placement/referrals, health screening, and other services.  The project is part of the adaptive reuse of a 62,000 SF former warehouse building which will also house 39 units of supportive housing for youth, financed separately with LIHTCs.  The Project will allow LYS to relocate and expand an existing shelter and to add on-site services for improved and streamlined service provision.  Upon completion LYS will nearly double the number of homeless youth it serves per year from 370 at the existing location to more than 650 at the new facility. This project closed 7/20/2017 and opened in December, 2017.

2015 Investments in Healthcare and Supportive Housing

CSH was awarded $40 million in NMTC allocation in 2015 to finance health centers and social service facilities that serve homeless and high-health needs patients and Supportive Housing residents. We have invested this NMTC allocation in the four projects below.

HealthRIGHT 360 (“HR360”) 1563 Mission (San Francisco, CA)

CSH provided $9.0 million of $51 million in NMTC financing to HR360, a Federally Qualified Health Center (“FQHC”) for its new 50,000-square-foot integrated health care facility. The new state-of-the-art facility will be LEED Gold Certified, and will replace two outdated facilities to serve an additional 5,300 homeless and high health need patients per year with integrated medical, mental health, and social services to be provided by HR360. CSH also provided free technical assistance to HR360 to help to strengthen connections with supportive housing providers in San Francisco. This transaction closed on 3/23/16 and celebrated its grand opening on 8/29/17.

Institute For Community (ICL) Integrated Health Hub (Brooklyn, NY)

CSH provided $11.0 million in NMTC allocation to ICL to help finance its $30 million project to expand its 9,300 SF building to 44,600 SF to consolidate and centralize its services to allow for more comprehensive and integrated care for its clients. The project will house a new 4,800 SF FQHC to be operated by Community Health Network, and will expand ICL’s mental and behavioral health clinic, life building programs for families and individuals, and care coordination services. Upon completion, it is estimated that the facility will serve an additional 5,400 people per year who currently suffer from mental illness, co-occurring medical conditions, and histories of substance use and housing instability. This project closed 6/3/2016 and is under construction.

NewCourtland LIFE CENTER St. Barts (Philadelphia, PA)

CSH provided $11.0 million in NMTC allocation for the construction of a 15,000 SF LIFE Center to provide comprehensive medical services, adult daycare programs, therapy services, nutrition programs, social activities, and other supportive services to more than 200 low-income seniors to allow them to live independently for as long as possible as an alternative to nursing home care. The project is based on the national PACE (Program for All-inclusive Care for the Elderly) model, and will be built as part of a mixed-use building that will include 143 units of affordable housing for seniors, all of which are expected to be targeted to very-low income seniors. St. Barts officially opened on June 4, 2018.

The Women's Home (TWH) WholeLife Service Center (Houston, TX)

CSH invested $9.0 million in NMTC allocation for a new 30,000 SF, LEED Silver Certified project to provide comprehensive supportive services to low-income women and families, including a FQHC operated by Spring Branch Community Health Center, after school/summer enrichment programs for children provided by the YMCA of Greater Houston, counseling provided by DePelchin Children’s Center, and adult education/workforce development programs provided by Memorial Assistance Ministries. It will directly serve 2,600 low-income residents, including those living in an 87-unit housing development completed by TWH in 2011 with 25 units dedicated to homeless individuals in Houston’s Coordinated Access System, and an 84-unit project for homeless families that TWH is developing down the street to include 40 units that are part of Houston’s Coordinated Access System. The project closed on 10/14/16 and is under construction.

2010 Investments in Mixed-Use Projects with Housing and Supportive Services

CSH was awarded $25 million in NMTC allocation in 2010 to finance community health centers and mixed-use projects that include support services and supportive housing to serve homeless and high health needs populations. We financed the following three projects with this NMTC award:

Bell Building (Detroit, MI)

CSH provided $7.0 million in NMTC allocation to Neighborhood Services Organization (NSO) for the historic rehabilitation of the 255,000 SF Bell Building in Detroit, MI. This project provides 79,000 SF of office space for NSO to operate its programs, which include mental health services, addiction treatment, case management, financial literacy, and nutrition classes, and space for an FQHC. The project is co-located with 155 units of supportive housing affordable to those at or below 50% of AMI financed with LIHTCs and NSO’s Supportive Housing program uses the “Housing First” approach to provide supportive housing services to the formerly homeless. Construction was complete in October 2013, and it has created 75 construction jobs that paid prevailing wages, and has created three and retained 142 full-time permanent jobs in this low income neighborhood. The project has allowed NSO to serve 200 additional homeless individuals with disabilities, mental illness, and addiction annually.

Paseo Verde (Philadelphia, PA)

CSH provided $7.0 million of $30 million in NMTC financing to Asociación de Puertorriqueños en Marcha (APM) and Jonathan Rose Companies to construct a mixed-use project consisting of 21,000 SF for APM’s offices, 7,600 SF for an FQHC operated by Public Health Management Corporation (PHMC), and 2,000 SF for a locally-owned and managed pharmacy co-located with 120 units of mixed-income housing. APM is a human service organization serving children and families in the foster care system to strengthen and unify families. The housing consists of 67 units financed with the NMTCs and 53 units financed with LIHTCs, including 12 Supportive Housing units. The project was completed in February 2014 and is the nation’s first LEED for Neighborhood Development Platinum Project.  It has created 112 construction jobs paying Davis Bacon wages, and has created 121 and retained 33 full-time permanent jobs.  APM serves over 500 families and 1,000 children annually, and PHMC serves 9,600 patient visits annually with primary medical and dental care.

Sugar Hill (Harlem, NY)

CSH provided $11.0 million in NMTC allocation to Broadway Housing Communities to help finance its $26 million mixed-use project consisting of a 9,800 SF Head Start early childhood education enter, 16,600 SF Children’s Museum of Art and Storytelling, 4,500 SF of office space for Broadway Housing, 4,300 SF for a health center, and a 72-space underground parking structure. The project is co-located with 123 units of affordable housing financed with LIHTCs, of which 25 are supportive housing units for the formerly homeless. Construction of the project was completed in October 2015 and is built to LEED Silver standards.  It created 200 construction jobs paying prevailing wages, and 21 full time permanent jobs. At full capacity, the Head Start program is anticipated to serve 120 low-income children under the age of 5, and the museum will serve 25,000 visits per year.





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