Federal and state NMTC financing will improve financial stability of Head Start program serving over 1,000 children.
Portland, Ore. United States Senator Ron Wyden applauded the success of an $18 million investment in federal and state New Markets Tax Credits for Albina Head Start.
The investment—a partnership with National Community Fund, a Community Development Entity affiliated with United Fund Advisors, — will enable Albina Head Start to lower its debt burden and expand services to low-income families. The investment consists of $10 million in federal and $8 million in state New Markets Tax Credits.
“Albina Head Start’s programs have a direct impact on the current and future vitality of the Portland community, creating healthier kids, better readers, fewer high school dropouts and brighter futures,” said Senator Wyden, who chairs the United States Committee on Finance. “It’s exactly the kind of program the New Markets Tax Credits program is designed to support.”
Highlights of Albina Head Start’s services to the community include: family advocates to help families navigate county social service systems; free preventative dental care for children and pregnant mothers; an in-house Health Team that incorporates high school and college students working towards degrees in related fields; a fresh food partnership with a local catering vendor for healthier school meals; and a Mandarin Chinese immersion program.
“United Fund Advisors’ New Markets Tax Credits work with us will save our program hundreds of thousands of dollars annually,” said Ronnie Herndon, Executive Director of Albina Head Start. “That money will enable Albina to give better service to the children and families we serve.”
The NMTC allocation will enable Albina Head Start to refinance five existing Head Start and Early Head Start program properties in Portland, lowering the organization’s debt burden and freeing up resources to expand services. The five properties serve 367 students from birth through five years of age.
“The projects supported by New Markets Tax Credits provide much-needed opportunities and infrastructure in distressed communities,” said Carl Talton, Ex Officio Chair of UFA. “We appreciate Senator Wyden’s leadership on behalf of this important program and we look forward to the economic impact NMTC projects will continue to have in Oregon.”
As chair of the Senate Finance Committee, Wyden is working to renew the NMTC, which expired at the beginning of this year. In May, the committee passed an a two-year extension of the credit as part of a bipartisan bill that Wyden is now working to pass through the full Senate.
About United Fund Advisors
UFA is a fund manager and financial services company that provides tax-advantaged investment capital and advisory services for community development and renewable energy projects throughout the country. With over $2 billion of assets under management, all of UFA’s investments and services are driven by its triple bottom line mission “to create opportunities for profitable investments which enhance social and environmental yields.” UFA’s investments have incorporated a wide array of alternative financing tools, including NMTCs, Renewable Energy Investment Tax Credits, Historic Rehabilitation Tax Credits and EB-5 capital. For further information, visit http://www.unitedfundadvisors.com.
National Community Fund is a community development entity formed by Portland Family of Funds Holdings, Inc. and UFA. NCF partners with economic development agencies to provide below-market, flexible financial products for high-impact projects located in highly-distressed urban and rural communities throughout the country. NCF was recently awarded its seventh consecutive NMTC allocation from the Community Development Financial Institutions Fund of the U.S. Department of Treasury. In 2014 NCF was awarded $55 million in NMTC allocation authority, bringing NCF’s total allocation awards to $442 million.
About Albina Head Start
Albina Head Start has been educating, informing, and enlightening Portland’s low-income children and families since the 1960s. It currently serves more than 900 children in the Portland area from birth through age 5 through its home-based program, and in 51 classrooms in 24 locations throughout Portland. Albina Head Start was awarded a 2012 Spirit of Portland Award for Outstanding Organization.