CSH Initiatives and Products: New Market Tax Credit

The investment will support development of the innovative K-Town Residential Workforce Development Center.

Corporation for Supportive Housing (CSH) is pleased to announce a $13 million New Market Tax Credit Allocation (NMTC) to Lawndale Christian Legal Center (LCLC) for its planned K-Town residential workforce development center in Chicago’s North Lawndale neighborhood.

The NMTC allocation will fund the redevelopment of the property into 20 supportive housing units and a job training center for men aged 18 to 24 facing housing instability and involvement with the justice system. In addition to housing, the investment will support holistic wraparound social supports, a culinary training program for the residents and additional office spaces for staff.

The LCLC award marks CSH’s first NMTC investment for individuals involved with the justice system and is its inaugural NMTC investment in Chicago. LCLC will leverage the award with other funding sources to provide job training and “efficiency style” apartments for men exiting the justice system.

“CSH is pleased to support LCLC and the K-Town residential workforce development center that will transform the lives of people who have experienced trauma as a result of their involvement with the justice system,” said Jill Steen, Director, New Market Tax Credits at CSH. “This award is part of CSH’s ongoing multimillion-dollar investment for housing and services that are owned, operated, and serve communities who identify as Black, Indigenous and People of Color (BIPOC).”

CSH expects the K-Town development project to create more than 150 construction jobs, most of which will be accessible for workers with less than a two-year college degree and over 40 permanent, full-time jobs.

CSH, a national nonprofit Community Development Financial Institution (CDFI), plays a pivotal role in supporting the development of quality, affordable and supportive housing, and services. CSH actively increases housing and service pipelines by providing Technical Assistance (TA), training, and consulting services to developers, service providers, and jurisdictions.

For more information about this project or CSH’s New Market Tax Credit offerings, please contact Jill Steen, Director, NMTC at jill.steen@csh.org.

 

 

 

 

 

 

 

Media Contact: Jesse Dean, 347-931-0132

October 25, 2023 – New York, NY – CSH, a leading national nonprofit organization and CDFI dedicated to improving access to stable, quality housing for individuals experiencing long-term homelessness, is proud to announce that it has successfully secured $60 million in New Market Tax Credits (NMTC) from the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund). This significant allocation will enable CSH to amplify its commitment to advancing quality healthcare and support services that address critical needs and create a positive impact for supportive housing tenants.

The award of $60 million in NMTC is a testament to CSH’s outstanding track record in advancing projects for supportive housing, healthcare, and other support services. The funding will directly finance various projects to invest capital into projects tied to supportive and affordable housing that promote economic growth and access to essential services.

“We are thrilled and grateful to receive this substantial investment from the New Market Tax Credits program,” said Deborah De Santis, President and CEO at CSH. “CSH uses these funds to ensure access to essential community-based services and healthcare for affordable and supportive housing residents that support their opportunity to thrive.”

The New Market Tax Credits program, administered by the CDFI Fund, is vital in driving economic development and revitalization in underserved communities. CSH’s allocation of $60 million in NMTC will enable the organization to leverage public-private partnerships further and secure the necessary financing for community projects that align with its mission to advance quality affordable and supportive housing.

This announcement comes after the CDFI Fund’s recent release of the NMTC allocation awards, as highlighted in their September statement. CSH’s successful application underscores its commitment to utilizing innovative financing mechanisms to bring about transformative change in the communities it serves.

FOR IMMEDIATE RELEASE
December 1, 2022

is pleased to receive a $55 million New Market Tax Credit (NMTC) award from the U.S. Department of Treasury Community Development Financial Institution (CDFI) Fund. This award will further the CSH mission of building thriving communities by funding projects that expand healthcare and other critical supportive services to individuals and families facing the most complex challenges and focusing on those experiencing or at risk of homelessness.

“The NMTC award significantly boosts our efforts to demonstrate that better health outcomes for people experiencing homelessness are achieved when housing is paired with quality services like primary and behavioral healthcare, nutrition, and workforce development,” said Deborah De Santis, president and CEO at CSH. “CSH invests in projects that address social determinants of health and is committed to supporting organizations that are led by Black, Indigenous and People of Color in underserved communities.”

CSH prioritizes projects that provide supportive services with linkages to community housing or co-located housing.

The NMTC award is CSH’s eighth, totaling $375 million. CSH has invested $295 million in 27 projects across 14 states. These projects provide a broad range of services, including primary care, pharmacy, dental, mental, and behavioral healthcare services; medical respite care; PACE (Program of All-inclusive Care for the Elderly) services; and nutrition, food security, and wellness programs, along with other wrap-around services or programs. We expect these projects to serve more than 450,000 individuals annually who have low-income and complex healthcare and social service needs.

CSH’s NMTC investments have also helped to support more than 1,600 housing units, including 1,115 supportive housing units and 160 medical respite beds directly or indirectly. We invest in projects in locations where CSH is actively working and offer free technical assistance to all project sponsors, tailored to each sponsor’s particular needs to support their critical work and help to enhance community impacts and outcomes.

Interested persons who want to learn more about CSH’s NMTC program or how CSH’s NMTCs might be able to support your project, please contact:

Maralea Lutino, Community Investment Officer, NMTC Program – maralea.lutino@csh.org
Jill Steen, Director, NMTC Program – jill.steen@csh.org

Media contact: Jesse Dean – jesse.dean@csh.org

The Colorado Coalition for the Homeless has moved a step closer to developing one of its most ambitious projects.

The organization recently finalized the financing and structuring of a deal that will bring a first-of-its-kind recuperative care facility for people experiencing homelessness and a 98-unit permanent supportive housing development to Denver.

The mixed-use property will help meet the health care needs for 400 homeless persons annually through medical respite and recuperative care while creating permanent homes for people experiencing homelessness.

Read more in Affordable Housing Finance magazine’s write-up here.

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.

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

CSH provided $12.4 million in New Markets Tax Credit (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 project is 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 (LIHTC) bonds, all of which will be connected to the coordinated entry system and affordable to those at or below 30% of AMI, with units targeted to those with disabilities, young adults, and veterans.  The project will allow Catholic Charities to consolidate its services in St. Paul, and to expand services through partnerships with other service 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 U.S. Treasury Department’s Community Development Financial Institutions (CDFI) Fund has announced an award of $50 million in New Markets Tax Credits (NMTC) to CSH (Corporation for Supportive Housing) 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.”

CSH provides financial products to supportive housing developers, as well as technical assistance and training to nonprofits that may not customarily work with agencies such as mental health, substance use and medical services providers. CSH will use its new allocation for mixed-use projects in highly-distressed, low-income communities. The NMTC investments will lead to more housing opportunities for those experiencing homelessness, struggling with disabilities, the elderly, families, veterans and formerly institutionalized individuals. The housing and community facilities developed will incorporate conveniently accessible support services including: primary healthcare; behavioral and mental health services; health and wellness programs; case management services; and educational and job training.

This is CSH’s fourth NMTC award. CSH has used its prior rounds to leverage other sources of capital to finance projects that have created hundreds of supportive housing units and set the stage for nearly 100,000 new healthcare visits annually by people who most likely lacked care in the past. In addition, CSH investments have poured millions of dollars into economically depressed areas and generated close to 2,000 high-quality construction and permanent jobs.

“CSH provides tailored, below-market rate financing for projects that have a limited ability to carry market rate debt, especially since they involve nonprofits and are planned for areas that are struggling economically,” said CSH’s Chief Lending Officer, Brigitt Jandreau. “Our funding is a catalyst for new projects and jobs that might not otherwise come to fruition, and this new allocation will go a long way toward expanding our work nationally.”

To learn more about CSH’s New Markets Tax Credit strategy visit our lending page or contact our Community Investment Team.

We are exited to announce our third New Markets Tax Credit investment this year. Last week CSH closed on a a $14.4M  New Markets Tax Credit investment to Central City Concern (CCC) for the construction of a 35,000 square foot Federally Qualified Health Center on the east-side of Portland, Oregon.

Named for CCC former Executive Director Ed Blackburn, the Blackburn building will be provide recovery and mental health services for 3,000 people annually.  In addition there will be an on-site pharmacy, respite and palliative care units and the facility is co-located with transitional and supportive housing.

 “This corner now can be the site where thousands who are suffering—and believe me, we suffer—can come for transformation, healing; families will be restored.” – Mike Holevas, Former CCC Client

The project will provide comprehensive case management, mental health and primary care to the most vulnerable populations, including homeless individuals with acute medical conditions and those exiting detoxification centers and emergency room care. The Blackburn Building will directly create 100 full time construction jobs and 67 new full time permanent jobs. CCC celebrated the ground breaking of the Blackburn Building last week.

Ground breaking press release.

CSH provided $9.0 million of $51 million in New Markets Tax Credits financing to HR360, a Federally Qualified Health Center (“FQHC”) for its new 50,000-square-foot integrated health care facility which opened this week in San Francisco.

The new state-of-the-art facility replaces 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 provided by HR360. CSH also provided free technical assistance to HR360 to help to strengthen connections with supportive housing providers in San Francisco.

The ribbon cutting was celebrated by Congresswoman Nancy Pelosi and San Francisco Mayor Edwin M. Lee, and attended by more than 200 business and city leaders and HealthRIGHT 360 supporters, including CSH.

“We must be relentless in working to improve every American’s access to affordable, quality health care,” said Congresswoman Pelosi. “While we fight to defend families’ health care in Washington, San Francisco is leading the way forward with the transformational model of the Integrated Care Center we have opened today. The innovative, coordinated care model available at this center will provide world-class care and address many of the practical burdens that prevent families from receiving all the care and support they deserve.”

“Health care is a basic right, not a privilege,” said Mayor Edwin M. Lee. “We are proud to provide access to health care for all in our city. The opening of this center will provide critical, coordinated service to our most vulnerable residents, offering them much-needed opportunities to lead lives that are healthy and supported.”

“By offering integrated services all under one roof, we simplify access to care and reduce the compounding barriers preventing many from receiving vital services,” said HealthRIGHT 360 CEO Dr. Vitka Eisen.

Details about the ribbon cutting and HealthRight 360 are available here.

More information about CSH’s New Markets Tax Credits investments is available here.

As a member of the Steering Committee of the ACTION campaign, CSH is working with over 1300 national, state and local organizations and businesses to ensure the new Administration of President-elect Donald Trump and Congressional leadership are squarely behind the Housing Credit as they consider reforms to the nation’s tax code and infrastructure investments. Together, we are highlighting the overwhelming need for more affordable rental housing and urging our leaders to expand and strengthen the Housing Credit to increase the availability of safe and affordable housing, and revitalize local economies. The Housing Credit and Housing Bonds are positive examples of the power of the U.S. tax code to improve communities and have been a vital resource in ending homelessness. Click here to read the ACTION Campaign’s letter and to join us in advancing policies that create affordable housing, bolster economic development and invest in our nation’s future.