New Markets Tax Credit Coalition

Educare Springfield

NMTC financing for the first Educare school in Massachusetts, serving 141 Head Start-eligible young children and their families with a full-day, year-round early education program.

Investment

  • NMTC Amount: $12,000,000
  • Total Project Cost: $15,000,000

IMPACT

  • 52 FTE jobs
  • 110 construction jobs
  • 141 children served by the early childhood center.

Investor

Project Description

Educare Springfield, the first Educare school in Massachusetts, serves 141 Head Start-eligible young children and their families with a full-day, year-round early education program. The school, located in the highly distressed Old Hill neighborhood, is now a landmark lab school for best practices and an essential resource for Springfield College, Springfield Technical Community College, Springfield Public Schools and the early education community across the state for training and providing professional development for future teachers, social workers, and researchers. Educare Springfield also pursues opportunities for partnerships and collaborations in the local community.

The project would not have been possible without financing from the NMTC from MassDevelopment, an NMTC equity investment from Capital One, N. A., the hard work of foundations, city and state officials, and two anonymous donations.

MAP

Address: 100 Hickory St, Springfield, MA 1109

Census Tract: 25013801800

PDF Profile

Other Massachusetts Projects

NMTC supports growth of Springfield leader in affordable housing, homelessness prevention, job training & financial education.
The NMTC allocation financed Trinity’s rehabilitation of the historic Brockton Enterprise building, transforming the space into a 51,000-sq. ft. commercial building with retail space on the first floor.
The first transaction of its kind in the country combined a Federal loan guaranty program for health centers and the NMTC became a prototype for other community health facilities nationwide.
NMTC financing for a Retirement home and health clinic