David L. Podell House – Educational Alliance of NY

New York,
NY
(2012)

David L. Podell House – Educational Alliance of NY

Adult Education, Behavioral Health, College or Vocational Training, Community, Daycare and Early Childhood, Healthcare, Mixed-use, Youth and Families

A $51.5 million one-of-a-kind community facility is now home to early childhood education programs, youth development and education programs, mental health counseling, art education programs for young artists and seniors, recreation and wellness programs, adult education programs, and senior programs.

Investment

NMTC Amount: $46,662,164
Total Project Cost: $51,500,000

IMPACT

47 FTE jobs

CDEs

Consortium America, Dudley Ventures, GS New Markets Fund, MBS Urban Initiatives

Investor

Goldman Sachs

Project Description

Located in the same building since its founding in 1889, The Educational Alliance, a nonprofit serving families and children in the Lower East Side of Manhattan in New York City, was in desperate need of renovation and updating. MBS Urban Initiatives CDE made a $7.3 million qualified low-income community investment in the Educational Alliance that was combined with four other CDE allocations to leverage private loans of $39.3 million for the renovation of their facility.

The $51.5 million one-of-a-kind community facility is now home to early childhood education programs, youth development and education programs, mental health counseling, art education programs for young artists and seniors, recreation and wellness programs, adult education programs, and senior programs. The renovated facility has allowed the Educational Alliance to expand and improve all of their programs, serving over 9,600 low-income individuals a year.