WNC Closes Two NMTC Funds

WNC ended its fiscal year with the closing of two New Markets Tax Credit (NMTC) investment funds that will provide below-market financing to community-service oriented developments in San Pedro, CA, and Louisville, KY. The two projects combined will receive a total of over $11 million in NMTC financing.

Toberman Neighborhood Center is a community services center located in San Pedro, CA. Toberman has provided a wide range of social service programs to low-income individuals and families residing in the South Bay since 1903. Services include family development, child care, gang prevention/intervention and family welfare/emergency assistance. The NTMC financing will be used to pay construction debt incurred to expand the center. New additions include two buildings which house a gymnasium, weight room, game room and areas devoted to academic activities and administrative functions.

Home of the Innocents will use the NMTC funding to expand their current facilities for medical and mental care services for medically fragile, technology dependent or terminally ill children. Expansion will include cottages for medical and crisis care, a medical/mental assessment center, a therapy center and an academy.

The New Markets Tax Credit was created under the Community Renewal Tax Relief Act of 2000. Through the use of tax credit funding the program encourages economic development in low-income communities. The high popularity of the of the program has caused it be extended multiple times, most recently with passage of the Emergency Economic Stabilization Act. WNC was among the first awardees of the credit. Since then WNC has also been awarded a second allocation, bringing its total award allocations to $90 million, and has also submitted an application for the current round of NMTC allocations. Previous WNC NMTC projects have included retail, office and research facility developments nationwide.

“Toberman and Home of the Innocents are both projects which directly support local families/troubled youth,” noted WNC President Wilfred N. Cooper, Jr. “WNC is proud that our NMTC investments can directly impact the lives of low-income families and youth in a positive manner, just as our affordable housing properties have allowed thousands to build strong foundations and brighter futures.”

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