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May30

New Markets Tax Credits Helps Construct Community Service Centers in Two Vulnerable Communities

Posted on May 30, 2019 by Chris Huang

LA Family Housing Campus

LA Family Housing Campus

 

Los Angeles Family Housing (LAFH) provides supportive services and real estate development that addresses the full continuum of care for homeless and low-income households, from temporary housing to permanent rental housing.

 

In 2015, Opportunity Fund provided $30,725,000 in New Markets Tax Credits (NMTC) to demolish an aging facility and construct new buildings into a comprehensive community service center, called the Campus, in a two-phased process.

 

  

 LA Family Housing Irmas Family Campus Grand Opening 

 

Now complete, this project provides a wide array of homeless services to an estimated 6,628 homeless persons and their families annually, and created 270 full-time jobs and 107 jobs during the construction phase. All of the clients that LAFH serves are homeless and low income. Per governmental grantor requirements, each LAFH client’s income is verified, and their median incomes are stunning: $6,975 for single individuals and $9,960 for a family of four.

 

It is heartbreaking to see someone struggle to live on less than $7,000 a year, and even more wrenching to see a family surviving on the streets. The community surrounding the Campus has an average poverty rate of 23.5%, and the families served by LAFH make annual incomes 53.6% that of the average family in the area. These are industrious, deserving individuals and families who have experienced challenges and need a helping hand.

 

Ole Health

 Ole Health

 

In 2017, Opportunity Fund provided $16.1MM in investment for the construction of Ole Health’s new facility in Napa. This was just one portion of the total project cost of over $31MM, with Nonprofit Finance Fund, JPMorgan Chase Bank, and Capital Impact Partners also providing investment for this project.

 

Ole Health is the only Federally Qualified Health Center safety net provider in Napa County and serves the farmworkers and service industry workers in wine country. 88% of Ole Health’s patients are uninsured, on Medi-Cal or Medicare. Forecasted population growth in Napa and a wave of retiring clinicians is expected to greatly increase the number of patients who need and rely on OLE Health, hence the need to build this new facility.

 

Now that the new facility is open, it will serve an estimated 15,000 patients annually, providing primary care, urgent care, and dental care.

 


Chris Huang

 

“We are proud to have played a role in making these projects a reality and look forward to updating you all on the impact of these community facilities in their communities.”

 

- Chris Huang, Director, New Markets Tax Credits at Opportunity Fund

 

 


 

 

 

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