Neighborhood House, YWCA benefit from
$3.6 million through SHA
New Market Tax Credits spur community
development
SEATTLE—December 28, 2007—In
a complex financial partnership that was finalized today the YWCA
and Neighborhood House will each received $1.8 million to assist with
building or renovating key facilities.
Neighborhood House will use the
funds to help finance development of the
High Point Neighborhood Center, an 18,000 sq. ft. community
center planned for Phase II of the High Point redevelopment.
"We’re very pleased to have worked
with SHA on the New Markets Tax Credit package for our new
Neighborhood Center at High Point," said Mark Okazaki, Neighborhood
House executive director. "This is a great investment in the High
Point community and the New Markets Tax Credit program brings us
closer to our fund raising goal."
The YWCA will apply its funds to
two projects - construction of the 10,000 sq. ft. YWCA Learning
Center at Greenbridge and renovation of the first floor of its
administrative headquarters in the Seneca Building in downtown
Seattle. According to YWCA Executive Director Sue Sherbrooke, "We
are very excited to have yet another opportunity to partner, and SHA
has been great to work with."
The New Market Tax Credit package was
originally
awarded in July 2006 to Seattle Community Investments, a
nonprofit that Seattle Housing Authority organized in order to be
the recipient and pass-through entity for New Market Tax Credits.
"We are very pleased to see two organizations that contribute so
much to the success of our low-income residents receive this funding
to extend their services even further," said Tom Tierney, SHA's
executive director and a board member of Seattle Community
Investments.
The financial closing was
coordinated for SHA by Paul Fitzgerald, a member of the development
staff. "We needed to conclude this deal by the end of 2007," said
Fitzgerald. "It was challenging to bring together several
organizations, but the results were worth the effort and it will be
exciting to see Neighborhood House and the YWCA put these funds to
such great use."
|
