Opportunity Fund helped finance one of the largest non-governmental human service providers in Los Angeles with $16.1 million.
The Dream Center is one of the largest non-governmental human service providers in the Los Angeles area, housed in a building which previously served as a 400,000 sf. hospital (Queen of Angels). As a faith-based, volunteer-driven organization, the Dream Center serves over 24,000 low-income people each month.
As a non-profit relying almost exclusively upon charitable contributions, the Dream Center faced insurmountable obstacles when it approached conventional lenders, and used the NMTC loan to fund the complete renovation of this facility into a homeless services center. The Dream Center operates a food bank; a mobile medical clinic; programs that assist homeless men, women, and families; foster care intervention; support for emancipated youth upon leaving the foster care system; and support for victims of human and sex trafficking. The Dream Center also provides adult education programs and sources many of their current staff from former clients.
invested for the acquisition refinancing and rehabilitation of this 400,000 sq. ft. former hospital
- 440 full-time equivalent jobs created or retained (287 for low-income individuals)
- 120 construction jobs (60 for low-income individuals)
- 44,709 unique individuals served annually (100% are low-income and 86% are minorities)
- Median income: 46.1% of Area Median Income
- Poverty rate: 38.2%
- Unemployment rate: 21.2% (3.66x national average)