The modernization of the Port of Hueneme retained $7 billion in trade business and 500 livable wage jobs. Clearinghouse CDFI provided $10 million of NMTC allocation for this $14.7 million project. Newly installed, shore-side electrical power will eliminate 230 tons of emissions annually from vessels docking at the port. Additionally, the Port will facilitate the distribution of 1.4 million pounds of fresh produce for a mobile food pantry serving 45,000 low-income residents in surrounding food deserts.
In early 2016, HOPES completed the new three-story facility called the Stacie Mathewson Community Wellness Center. With this new facility, HOPES is expected to expand from serving 4,000 patients annually to 10,000 patients each year. Additionally, HOPES has maintained 52 of its current staff members and has hired 45 new full-time employees. As it grows, HOPES expects to continue hiring new full-time employees. All employees receive quality salaries and full benefits, including health care and retirement plans.
SF Jazz Center is the first facility on the West Coast fully dedicated to jazz music history, education and performance. The center will serve 10,000 children and adults annually through classes, exhibitions and rehearsals. In addition, the project will create job opportunities for over 250 local musicians and 200 independent contractors annually.
The NMTC provided financing for the construction of this culture-enhancing community asset in a severely distressed area of San Francisco.
American Conservatory Theater (A.C.T.) is a nonprofit theater company operating in San Francisco. A.C.T.’s performance, education, and outreach programs benefit over 250,000 people annually. Clearinghouse CDFI provided $14.6 million of NMTC allocation and $2.4 million of Historic Tax Credits for this $35.6 million project. A dilapidated and abandoned theater will be transformed into a vibrant performing arts and education center. Redevelopment will create 75 construction and permanent jobs. The new A.C.T. Theater will strengthen and inspire the diverse community in a severely distressed area of San Francisco.
Set in the heart of a disinvested area of Phoenix, First Place-Phoenix is a first of its kind mixed-use residential property designed to provide residential options and opportunities for independent living to adults with autism and related disorders. The Project involves the development of an 81,000-square-foot mixed-use development to house independent living residential units and an education and training institute.
Washoe Travel Plaza is a “first-of-its-kind” NMTC project located on the Washoe Native American reservation in Nevada. The development
produced a diversified and sustainable source of revenue for this Nevada and California tribe. The new plaza is named “Wa She Shu,” which comes from the Washoe language meaning “The People’s Place”.
Featuring a gas station and a convenience store, it sits along Highway 395—a popular commercial route between Lake Tahoe and Carson Valley, where an estimated 10,500 vehicles pass daily. The 6,000 square foot development offers a deli, fast food dining options, and serves as a
rest stop for truck drivers. Washoe Travel Plaza currently benefits over 1,550 tribal members and is expected to generate over $1 million
annually in revenue for the tribe.
The Washoe Tribe – a community which operates primarily off grants – explored all possible traditional financing options with numerous banks, but faced several challenges. The project, located on Reservation Land, offered no real estate collateral, and financing was turned down by over 10 leverage lenders. Project development required extensive infrastructure improvements, which included an estimated $3.2 million for Highway 395 access. Finally, the Washoe Tribe lacked enough money for a down payment on the real estate.
Clearinghouse CDFI successfully combined $10 million of Federal NMTC allocation and $2 million of Nevada State NMTCs for the project.
Stonehenge Community Development, LLC also contributed $8 million of Nevada State NMTCs. This combination of Nevada State and Federal
NMTC allocations provided NMTC equity of roughly 50% of the total project costs. Additionally—when other lenders would not—
Clearinghouse CDFI provided a $5.6 million leverage loan to make this project possible.
The new Washoe Travel Plaza officially opened in early 2016, is already fully staffed by 26 employees and is expected to generate a significant amount of income for the Tribe. The Washoe Tribe’s debut of the new travel plaza is a part of its ongoing business initiative to revitalize the reservation and its surrounding communities. Construction of additional businesses on tribal land is already underway, including prospective developments for a hotel and RV park. It is expected that the boost in revenue will foster the growth of small businesses in the area as well. Tribal leaders anticipate that the resulting increase in employment opportunities and resources will help Tribal members achieve long-term economic self-sufficiency.
Girls Inc. of Alameda County inspires girls to be strong through mental and physical health, smart through academic engagement, and bold through leadership.