U.S. BANK TO PROVIDE MORE THAN $5 MILLION OF TAX CREDIT FINANCING FOR GIRLS INC. BUILDING RENOVATION IN OAKLAND
Additional Grant from US Bancorp Foundation Supports Eureka! Teen Achievement Program
August 01, 2012 03:52 PM Eastern Daylight Time
OAKLAND, Calif.–(BUSINESS WIRE)–U.S. Bank announced today that it provides more than $5 million of New Markets and Historic Tax Credit equity to finance the $17.8 million renovation of a historic building in downtown Oakland, California, into the regional headquarters for Girls Incorporated of Alameda County. The new Simpson Center for Girls will be Alameda County’s first and only resource center for girls and allows the organization to increase the number of girls served in the region annually by 25 percent.
“At US Bank, we also take great pride in strengthening communities and empowering those who live and work in them. A partnership with Girls Inc. is a natural fit.”
“We’re proud to support an organization that helps girls improve their own socio-economic situation and that of their communities,” said Matt Philpott, Director of New Markets, Historic and Renewable Energy Tax Credit Investments for US Bancorp Community Development Corporation, the community development subsidiary of US Bank. “At US Bank, we also take great pride in strengthening communities and empowering those who live and work in them. A partnership with Girls Inc. is a natural fit.”
Recently US Bancorp Foundation also presented the organization with an additional grant for its Eureka! Teen Achievement Program, which provides hands-on achievement opportunities in science, technology, engineering, math, and college career preparation for 180 girls in the community.
U.S. Bank’s support of Girls Inc. of Alameda County is representative of its larger commitment to the city of Oakland and the Bay Area. During 2011, US Bank extended more than $23.2 million in community development loans and more than $124.6 million in investments throughout the Greater Bay area.
Girls Inc. of Alameda County, founded more than 50 years ago, is a local affiliate of the national Girls Inc. organization, which promotes academic success, healthy lifestyles, and self-confidence in girls ages 5 to 18 through its enrichment programs and counseling services. Many of the girls whom the organization serves come from underserved communities and underperforming school systems.
“At Girls Inc., we’re dedicated to inspiring all girls to be strong, smart, and bold,” said Linda Boessenecker, CEO of Girls Inc. of Alameda County. “With US Bank’s support, we’ll not only be able to relocate closer to the girls that we’re already serving, but we’ll also be able to better meet the increasing demands for our proven and acclaimed programs.”
For the past 20 years, Girls Inc. of Alameda County has operated from a 13,500 sq. ft. building in San Leandro, which serves as both a program center for girls and a workplace for staff. In 2011, the nonprofit served over 7,500 girls and their families in Alameda County. However, the small and aging building – a warehouse built in 1955 – has been a barrier to effectively responding to the increasing demand for the nonprofit’s critical programs.
Once the Simpson Center for Girls is complete next summer, Girls Inc. of Alameda County will relocate from its current building to the new 34,000 sq. ft. facility at 510 16th Street.