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Jun26

Opportunity Fund Finances $11MM Expansion of Youth Center in Richmond

Posted on Jun 26, 2019 by Chris Huang

RYSE

Rendering of the new RYSE facility

 

Today, Opportunity Fund’s New Markets Tax Credits program closed on a $11,088,000 loan for RYSE Inc., (RYSE) a youth center based in Richmond, California, in partnership with Raza Development Fund, Community Vision, and U.S. Bancorp Community Development Corporation.

 

The loan, made possible with federal New Markets Tax Credits, will provide financing for the renovation of RYSE’s current 6,600 sq. ft. space and new construction of a 11,972 sq. ft. expansion and outdoor space. Once constructed, the facilities are projected to serve 6,500 unique individuals annually, 95% of whom will be at-risk youth.

 

Since 2008, RYSE has created a safe place for young people to learn, educate, and transform lives and communities. RYSE offers education and health programming, leadership skills, and career development through media and technology training at no charge to low-income youth ages 13 to 21 in a community that suffers from historic disinvestment and where youth bear the brunt of the health and economic impacts.

 

RYSE

RYSE community members

 

The project will allow RYSE to increase the age range of youth served from ages 11 to 24 and engage community partners in co-designed support services and shared educational opportunities. The expansion will also increase access to primary care and mental health services as well as double the capacity of paid internship programs.

 

With this renovation and expansion, RYSE will create or retain 46 full-time equivalent permanent positions, 42 of which will be accessible to low income individuals, and support 155 construction jobs, 75 of which will be accessible to low income people.

 

 

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