Tags: Anacortes Washington, Island Hospital, Kitsap County Consolidated Housing Authority, Kitsap County NMTC Facilitators, Lydig Construction, Medical Arts Pavilion, Taylor Gregory Broadway, Washington Federal Bank
Posted in Community Matters, NDC News, New Markets Tax Credits, Uncategorized | No Comments »
© 2012 Doug Scott / dougscott.com
Island Hospital in Anacortes, Washington is celebrating its new Medical Arts Pavilion with an open house and ribbon cutting ceremony that is open to the public. The event starts with a ribbon-cutting at 5:15 p.m. with doors opening 5:30 p.m.
The new 2-story, 26,000 square foot Medical Arts Pavilion, designed by Architects Taylor Gregory Broadway and built by Lydig Construction, will house hospital services on the east campus close to the Emergency Room with enclosed access to the hospital. The Medical Arts Pavilion facility will relocate a number of existing services and will also provide new services not currently available anywhere else in the region. Specific services that will be housed in the new pavilion cover Cancer Care, Physical Therapy & Rehabilitation, Pain Management, and Hyperbaric Wound Care.
The $12.1 million project was financed through New Markets Tax Credit allocations provided by the National Development Council and Kitsap County NMTC Facilitators (an affiliate of Kitsap County Consolidated Housing Authority). Washington Federal Bank provided additional debt financing.
More about Island Hospital
Island Hospital is the primary health care center serving west Skagit County, north Whidbey Island and the San Juan Islands in Washington State. Recognized as one of the most innovative small hospitals in the U.S., it is an integral part health care delivery in this rural county. With 43 private beds and more than 100 physicians, it is the smallest hospital in Washington State to offer Level III Trauma care and an array of services more typically found at an urban medical center, such as: Emergency Services, Cancer Care, Diagnostic Imaging, Inpatient & Outpatient Surgery, Birth and Prenatal Care, Home Health Services, Laboratory, Cardiac Rehabilitation, Pulmonary Rehabilitation and many others.
Tags: Navos Burien, New Markets Tax Credits
Posted in NDC News, New Markets Tax Credits | No Comments »
Navos Burien Campus gets a boost from New Markets Tax Credits
A partially completed mental health campus in Burien received a significant boost last week when it closed on a $23 million financing transaction involving the federal New Markets Tax Credit (NMTC) program. The additional financing , along with pending foundation and individual contributions, will enable Navos, a nonprofit community mental health agency, to complete the build-out of its three-story 45,000 square foot outpatient mental health clinic and construct an adjacent 8,000 square foot Community Activities building for operation of a café, supported employment program and other program services.
The new facilities replace an existing Burien facility that must relocate to due to the third runway project at SeaTac airport. The project is expected to generate 150 FTE construction jobs in the south Puget Sound region as well as retain 175 existing FTE jobs from the relocated operations. Navos expects to expand its capacity to provide critical health and mental health care services by 20% in the new Burien location. Read more…
Tags: Child Life Pediatrics PC, JP Morgan Chase, Nassau County NY, NDC Grow America Fund
Posted in NDC News, Small Business Lending | No Comments »
From left to right: Dudley Benoit, Senior Vice President, Chase; Dr. Robyn Cadet, Child Life Pediatrics; Bob Davenport, President , National Development Council
Chase has awarded a $6 million grant to the National Development Council (NDC) to help make small business loans throughout the New York Tri-State area.
The Manhattan-based nonprofit makes business loans to create jobs and build wealth in underserved communities throughout the country with a special emphasis in New York through its Grow America Fund (GAF).
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press release
media alert
Tags: City of San José, New Markets Tax Credits, San José Environmental Innovation Center (EIC)
Posted in NDC News, New Markets Tax Credits, Public-Private Partnerships, Uncategorized | No Comments »
The City of San José, long a center of technology innovation, is now leading the way with innovative financing by closing an approximately $27 million New Markets Tax Credits financing transaction to complete construction of the new San José Environmental Innovation Center (EIC) – a premier demonstration facility for emerging clean technology companies, a construction materials store, and a household hazardous waste facility. “Closing San José’s very first New Markets Tax Credit transaction exemplifies our City’s commitment to leverage public-private partnerships that help us advance key projects at a time when City resources are scarce,” stated San José’s Mayor Chuck Reed.
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Tags: Deborah Welchel, National Rural Housing Coalition, NDC Corporate Equity Fund
Posted in Affordable Housing, NDC News | No Comments »
Deborah Welchel, CEF acquisitions director, was named to the National Rural Housing Coalition (NRHC) Board of Directors at its November meeting.
Welchel has over fifteen years of public and private sector affordable housing financing experience. She came to know NDC CEF from her participation in NDC training. She received NDC Economic Development Certification in 1997 and NDC Housing Development Certification in 1998. Welchel is based in Austin, Texas.
Tags: John Linner, National Rural Housing Coalition, NDC Corporate Equity Fund
Posted in Affordable Housing, NDC News | No Comments »
NDC Corporate Equity Fund, L.P. (CEF) hosted a reception Tuesday evening (Nov. 29) for the seventy-member board of directors of the National Rural Housing Coalition (NRHC), following their November board meeting. At the event, CEF fund manager John Linner made a presentation highlighting CEF’s rural affordable housing developments.
The NRHC works to focus policy makers on the needs of rural areas by direct advocacy and by coordinating a network of rural housing advocates around the nation.
CEF provides equity capital for the construction and preservation of affordable housing using Federal Low Income Housing Tax Credits (LIHTC), Federal Historic Preservation Tax Credits and Renewable Energy Credits.
Tags: Stephanie Dugan, Training Lifetime Achievement Award
Posted in NDC News, NDC Training | No Comments »
NDC’s Lifetime Achievement Award Recipient, Stephanie Duagn.
Congratulations to Stephanie Dugan on being selected for NDC’s Training Lifetime Achievement Award!
Stephanie Dugan, a field director for the National Development Council since 1996, works with communities primarily in Texas to bring together financing for business expansions and affordable housing projects. She teaches NDC courses in Economic Development Finance, Business Credit Analysis, Problem Solving & Deal Structuring, Home Ownership Finance, Mixed Use Real Estate Finance and Low-Income Housing Tax Credits. She has assisted a number of clients to secure historic rehabilitation tax credits for various projects including a museum, a performing arts center, a movie theater, and a visitors center; and Low Income Housing Tax Credits for affordable housing projects. She draws on experience gained as the Assistant Director of Economic Development for the City of Abilene where she administered a small business finance and incentive program, capitalized at $6 million per year. Prior to leaving the City of Abilene, she served as project manager for the “Windsor Hotel,” $5 million downtown restoration project. She holds of Bachelor of Arts Degree from Texas Tech University in Economics.
Tags: Bud Sweet, Robert Sweet, Trainer of the Year
Posted in NDC News, NDC Training | No Comments »
Trainer of the Year, Bud Sweet.
Congratulations to Bud Sweet on being selected Trainer of the Year!
As a member of NDC’s East Team, Robert Sweet works primarily in the northeastern U.S. providing technical assistance to client communities including operational analyses of proposed client projects to structuring financing packages which include Historic Rehabilitation and New Markets Tax Credits. Bud teaches four courses in NDC’s Economic Development Finance Certification Program: ED101 – Economic Development Finance, ED201 – Business Credit Analysis, ED202 – Real Estate Finance and ED300 – The Art of Deal Structuring. He is also an underwriter for NDC’s SBA 7 (a) loan fund program: NDC Grow America Fund.
Prior to joining NDC in 2007, Bud served as the Deputy Regional Director for the Southern Tier for the New York State Empire State Development Corporation and as well as the Director of Loan Funds for the Broome County, New York Industrial Development Agency. He is a graduate of SUNY-Binghamton.
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NDC brings its special public-private partnership approach to Los Angeles County with The Gateway at Alhambra, a new state-of-the-art facility for the County’s Economic Development Commission and its Housing Authority. Read more
Tags: HEDC New Markets, NDC HEDC, NDC Housing and Economic Development Corporation, New Markets Tax Credits, Seattle Children's Research Institute, U.S. Senator Maria Cantwell
Posted in NDC News, New Markets Tax Credits, Uncategorized | No Comments »
U.S. Senator Maria Cantwell and NDC's Michelle Morlan stress the importance of the New Market Tax Credit (NMTC) program.
Cantwell: National Jobs Strategy Should Include Extending Program That Helped Bring 150 Jobs to Seattle Children’s Research Institute
On Sept. 16, 2011, U.S. Senator Maria Cantwell (D-WA) joined NDC and the leadership of the Seattle Children’s Research Institute for a tour of the Institute, and to call for the Congressional jobs strategy to include an extension of the New Market Tax Credit (NMTC) program.
With the help of NDC, Seattle Children’s Research Institute was able to secure $30 million in NMTCs to expand its facility and its groundbreaking research into cures for childhood diseases. The new facility has enabled the Institute to attract top researchers and add 150 new employees including 50 hired in 2011. .
With the NMTC program set to expire in December 2011, Sen. Cantwell called on Congressional leaders to extend the New Markets Tax Credit as part of a national jobs strategy.
“Our top priority for a national jobs agenda should be continuing to invest in the proven programs that put people back to work,” said Cantwell. “The New Markets Tax Credit is attracting the kind of middle-class jobs that will get Washington moving again. This is my second visit in less than a month to a site that is using the New Markets Tax Credit to provide quality jobs for Washingtonians. That is why I’m calling on Congress to include it in a national jobs strategy.” U.S. Senator Maria Cantwell
NDC’s Michelle Morlan highlighted the program’s significant impact on economic development in Washington and around the nation. Since the program’s inception in 2001, NDC’s HEDC New Markets, Inc. has been awarded $549 million in NMTC allocations from the U.S. Department of Treasury, which it has used nationally to spur investment and job creation in low income communities. Says Morlan, “we hope for the program’s renewal because clearly it works.”
Using federal Recovery Act standards, the NMTC Coalition estimates that NMTC-financed projects have created or retained up to 500,000 jobs throughout the U.S. since 2001, with steady progress even during the recession of 2008-2010 and currently through this continuing period of high-unemployment.
Tags: Farwest Steel Processing Center, Job Creation, New Markets Tax Credit, Senator Maria Cantwell, Vancouver, WA
Posted in Development Assistance, New Markets Tax Credits, Uncategorized | No Comments »
Senator Maria Cantwell announces her support of the Farwest Steel Processing Center.
On Wednesday, August 24th, Senator Maria Cantwell (D-Washington State) announced her support for a five-year extension of the New Markets Tax Credit program against the backdrop of the new Farwest Steel Processing Center in Vancouver, WA. Senator Cantwell stressed the importance of projects like Farwest Steel in job creation and building local economies . “ In this case you’re leveraging a few federal dollars, a lot of private sector dollars and the win-win is job creation,” said Cantwell.
National Development Council provided technical assistance to the City and the Port of Vancouver in coordinating the NMTC financing.
The Farwest Steel Processing Center, which began construction last month, is a 330,000SF facility that will maintain its current employment of 100 and add an additional 128 jobs, , all high-value-added manufacturing jobs so important to our national economy. Building the facility will also create an additional 300 direct construction jobs.
For more on Senator Cantwell’s visit:
http://www.kgw.com/news/business/Cantwell-Push-for-Tax-Credit-Extension-128351068.html
For more on Farwest Steel’s new Processing Center:
http://www.columbian.com/news/2011/jul/05/farwest-secures-48m-in-federal-tax-credits-for-new/
