Compass Family Services Receives $14.2MM to Acquire and Rehab a Building to Help Homeless Families Rebuild their Lives
Last year, Opportunity Fund provided a $14.2MM investment, using New Markets Tax Credits, to finance the purchase and rehabilitation of an 18,145 square-foot building to house the mental health services and administrative offices of Compass Family Services (CFS). Its mission is to help homeless and at-risk families secure stable housing and attain economic self-sufficiency and family well–being.
The program has an impressive track record. Over 90% of families in CFS housing programs do not become homeless again, one of the highest percentages among all service providers in San Francisco. The organization also provides ancillary services including mental health and child care.
As an example, CFS was providing child care for Martin and Carolina’s two children, Carlo and Carolay. One November morning their apartment, along with all of their belongings, were lost in a tragic fire. CFS staff members immediately mobilized to get the family back on their feet.
The new facility is located in an underserved area of San Francisco with a poverty rate of 36%, median income that is 47% of Area Median Family Income, and a 10.5% unemployment rate (1.33 times the national average). Eighty-percent of CFS clients are persons of color.
Programs in the new facility will help an estimated 3,700 parents and children each year achieve housing stability, economic self-sufficiency, and well-being. This project will create or retain 61 full-time equivalent jobs with benefits such as access to healthcare. Among these jobs, 40 positions will be accessible to low-income persons. Construction is expected to support 65 jobs, with benefits.