City First New Markets Fund Iprovided a $10MM allocation to support Building Bridges Across the River’s phase III expansion of Town Hall Education Arts Recreation Campus (‘THEARC’), which adds a three-story third building to the campus, whereby adding 92,000 sq. ft. to its current 110,000 sq. ft. footprint. Along with City First’s investment, an additional $22.25 million in NMTC financing came from Enterprise Community Partners, SunTrust, and Low Income Investment Fund. The phase III expansion allows THEARC to create even more demonstrable impacts by providing below-market space to the following pillars of the community:
- Children’s National Health System will double its capacity by providing pediatric care to the most vulnerable children and families;
- Appletree Institute for Education and Innovation will develop and provide research-based early childhood education programs to underserved 3 and 4 year-olds;
- The Phillips Collection provides outreach art programs to the community and local schools;
- The Bishop John T. Walker School for Boys provides a tuition-free private school education for one hundred boys in K-8th grade; and
- Blackbox Theaters to provide space for school performances and community meetings.