The Ronald McDonald House (RMH) of Fort Worth currently provides housing to over 832 families with critically ill children in nearby hospitals. Each room provides two beds, a bathroom and an area where families can rest and regroup during their challenging time. Thanks to donations RMH is able to house and assist families with sick children, while placing little to no financial burden on them. Unfortunately, the current facility must turn away 10 to 15 families a week because its 38 rooms are generally occupied. With NMTC financing the construction of 20 new private rooms will allow the RMH of Ft. Worth to house 300 more families each year. The addtional 20,000 SF of private space will go a long way in providing more peaceful nights for hundreds of families going through difficult times. Creation and/or retention of 100 construction jobs and 19 permanent jobs.
FareStart is a social enterprise in Seattle dedicated to transforming the lives of homeless men and women through job training and placement in the food service industry. Students receive job training in the food service area that generates revenue through the daily preparation and distribution of over 2,000 meals. By 2004, FareStart had outgrown the space it rented and needed a larger facility. The organization purchased a 33,000 square foot building in a severely distressed New Markets Tax Credit (NMTC)-qualified lowincome community in Seattle to expand their training, social services, and business capacity. However, they did not have the funding necessary to renovate and upgrade the facility to make it fully operational. Community Development Funding, LLC made a $17 million NMTC loan and equity investment in FareStart to renovate and upgrade their facility, transforming it into a culinary vocational training academy and restaurant. In the new facility, kitchen and classroom space will be doubled, providing for quality and safe training areas and increase in business capacity. A family resource area will provide a safe, ‘child friendly’ space for use by students who are parents of young children. The organization’s management and administrative staff will be located in the same building. The new facility provides FareStart the capacity to increase to 575 the number of people served each year and increase by 80 percent the revenue generated through the organization’s food service businesses. Selfgenerated revenues will support the majority of FareStart’s business operations growth, and hungry children and families will consume 21 million nutritious meals, prepared and delivered by FareStart. New Markets and Historic Tax Credits were combined to provide belowmarket financing with equity-like terms to make this project feasible. Conventional lenders had declined to make an investment, but with the addition of NMTCs the project was able to move forward and is now complete. The project team included Community Development Funding, LLC, US Bank Corporation, FareStart, the architectural firm of Stickney, Murphy & Romine and construction management by Sellen Construction.
Located in Phoenix just south of the Downtown Warehouse District, the former commercial laundry facility, Phoenix Linen & Towel Supply Company, has undergone a renovation of more than 30,000 square feet historic warehouse space that was originally built between 1912 and 1985. Bentley Projects, a contemporary art gallery, is a destination location that allows guests to view art pieces; purchase goods and services; and attend lectures and book signings. Additional tenants include Arcadia Farms City Bakery, Poisened Pen Bookstore, Framers Workshop, David Adler Galleries and Warehouse Events. Glen Lineberry of Bentley Projects noted that ‘The focus is to create a viable high-end arts center in downtown Phoenix by drawing moderate to high income individuals and groups to what are considered to be nationally known galleries, bookstore and restaurant.’