CSH Awarded $40 Million New Markets Tax Credits
Today, the U.S. Treasury Department’s Community Development Financial Institutions (CDFI) Fund announced it has awarded $40 million in New Markets Tax Credits (NMTC) to CSH as part of the 2014 round.
“The Department of Treasury has given us the tools to leverage even more resources to spur the creation of supportive housing,” said CSH President and CEO Deborah De Santis. “Not only will we be able to create the dynamic to house vulnerable people facing instability, this award will help us fulfill our goal of bringing healthcare services to hundreds more who need to access it.”
De Santis explained NMTC allocations can be used to develop facilities such as health care centers, which complement the medical and mental health services often made available to residents of supportive housing.
Thus far, CSH has used NMTC investments to leverage and add to other resources, which in turn have created about 200 units of supportive housing across the country, and enabled 15,000 healthcare visits for those facing homelessness and other forms of housing instability. In addition, CSH investments have generated approximately 800 high-quality permanent and construction jobs in communities.
To learn more about our use of NMTC to promote supportive housing, please see profiles of the Bell Building in Detroit, MI and Paseo Verde in Philadelphia, PA.
With the new award, CSH will address a number of supportive housing projects currently in the pipeline for development and estimates adding another 150 - 200 units of affordable housing, including supportive housing, and an additional 100,000 - 125,000 healthcare visits for those facing homelessness and housing instability.
“The investments made possible by today’s awards will have significant impact nationwide," said Annie Donovan, Director of the CDFI Fund.
To learn more about CSH’s New Markets Tax Credit strategy visit our lending page or contact our Community Investment Team.
"CSH gets it when it comes to supportive housing and they are willing to work in partnership with developers to tailor their support and products to get the deal done." Joe Heaphy, NSO (Bell Building) Vice-President of Real Estate Development and Management