Examples of NMTC Investments
Mixed-Use Charter School / Retail Space in Brooklyn, NY
ERF allocated $5MM in NMTCs and Seedco Financial provided a $2MM loan to aid in the redevelopment of the Pitkin Avenue Theatre in Brownsville Brooklyn. According to Census data, the project is in an area where the poverty rate is 42% and median family income is 39% of AMI. Its total direct impact will be the rehabilitation of 166,000 sq. ft.; creation/retention of over 160 permanent jobs and over 215 construction jobs; and increased access to educational services for 1,000 children from low-income families.
The combined ERF investment and Seedco Financial loan will increase a local charter school’s capacity from 200 to 1,200 grade school students. The school currently has a waitlist of 800 students and will be open to local residents, of which 99% are minorities, and where 87% of the students currently enrolled are eligible free or reduce priced lunch. The school will benefit from increased capacity to serve an additional 1,000 students from K-12 and create 90 new jobs for teachers.
In addition, the newly renovated space will provide much needed anchor retail space, which will occupy over 40,000 sq. ft., and local small businesses. Consequently, local residents will be able to access retail goods within their community. Additionally, the project will meet LEED Silver standards, and the charter school included within the project will be built in accordance with the principles of the New York Collaborative for High Performance Schools (NY-CHPS). NY-CHPS builds upon LEEDS standards, and is utilized by LEED for new school construction.
Community Facility in Pueblo, CO
ERF made a $9.16MM NMTC allocation in 2007 to construct a 20,000 sq. ft. community facility for the YMCA in Pueblo, CO as part of a larger YMCA campus. The $17.82MM new facility includes a child development center with toddler, preschool, and before/after school care; an aquatic center; a community meeting area with a satellite public library; computer lab; health and wellness center; and gymnasium.
The site is located in a CDFI Hot Zone, where the unemployment rate was over 1.5 times the national average. The project created 65 construction jobs and over 140 permanent jobs.
The facility is active with members of all ages. Various indoor areas include: a family play pool and warm-water therapy/rehab pool, two fitness areas with cardio and strength equipment, large gymnasium, child care area, computer center, the Pueblo Public Library satellite branch, and a teen center. Outdoors, there is a toddler’s playground and children’s playground.