The U.S. Treasury Department’s Community Development Financial Institutions (CDFI) Fund announced an award of $50 million in New Markets Tax Credits (NMTC) to CSH (Corporation for Supportive Housing) as part of their 2019 round of allocations.
“This year’s allocation comes at a crucial time as communities across the country work to revive their local economies while meeting the health and service needs of their most vulnerable residents,” said CSH President and CEO Deborah De Santis. “As with our prior awards, CSH will leverage this valuable federal resource to create new jobs in distressed areas while bolstering community-based health services. Our work is needed now more than ever.”
CSH is a Community Development Financial Institution (CDFI) dedicated to creating opportunities for individuals and communities to thrive through affordable housing and community-based services. CSH will use its allocation to expand housing opportunities and access to health care for those experiencing homelessness, struggling with disabilities, the elderly, families and youth, veterans, and formerly institutionalized individuals. The housing and community facilities developed with CSH’s NMTC financing will help to develop critically needed support services for people who are experiencing or are at risk of homelessness, including primary healthcare; behavioral and mental health services; medical respite care; health and wellness programs; case management; and educational and job training programs.
This is CSH’s sixth NMTC award with all awards totaling $285M. CSH has used its prior rounds to leverage other sources of capital to finance projects resulting in over a thousand supportive housing units and nearly 500,000 healthcare visits annually for many who have lacked access to care in the past. CSH investments have poured millions of dollars into economically depressed areas and supported over 4,000 high-quality construction and permanent jobs.
Jill Steen, CSH’s Director of NMTC noted that “CSH is very happy to have received this award as a key funding source to continue to invest in projects that provide supportive housing and critical supportive services to those most in need, including those that address health and racial disparities in the low-income communities we serve.”
To learn more about CSH’s New Markets Tax Credit strategy visit our lending page or contact our Community Investment Team.