SEATTLE—December 28, 2007—In a complex financial partnership that was finalized today the YWCA of Seattle 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 Market 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 square foot 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 Markets 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 Markets 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."