Roeder & Company, LLC and Enhanced Community Development announce the closing of a $7.1 million Oregon New Markets Tax Credit (NMTC) transaction to help fund the construction of a new administrative headquarters building, a new Latino public market, and the rehabilitation of an existing community center. Roeder & Company also sourced $10 million in Federal NMTC allocation from Raza Development Fund for the project.
Hacienda CDC, a Latino Community Development Corporation that strengthens families by providing affordable housing, homeownership support, economic advancement and educational opportunities, is using the State and Federal NMTC net benefit to complete the funding necessary to construct a new headquarters building and the Portland Mercado, as well as rehabilitate the aging Baltazar Ortiz Community Center. The combined State and Federal NMTC financing will also generate funds that will be utilized to build Hacienda’s agency capacity to further serve families in the low-income communities surrounding the aforementioned three projects.
“Without the financing provided through the New Markets Tax Credit Program, Hacienda would not have been able to complete these projects in 2015,” said Victor Merced, Hacienda CDC Executive Director and Roeder & Company Advisory Board Member. “This financing has enabled Hacienda to dramatically increase its program offerings to the Latino low-income community in Portland.”
The headquarters will provide badly needed space for existing staff which is currently located at 3 different facilities and will allow Hacienda to locate adjacent to many of its housing units to better serve the needs of residents. The building will be in the Cully Neighborhood of Northeast Portland, which is Portland's most ethnically diverse neighborhood with 51% of residents representing communities of color.
The Portland Mercado is a Latino public market that will serve as a business incubator for low-income community members. Based on the Mercado Central model in Minneapolis, the Portland Mercado will be a physical space in which members of the community will provide the opportunity for entrepreneurs to grow and expand their businesses while receiving cultural and business training from Hacienda. The Mercado will serve as a center for the Latino community in the Portland region and as a destination for those seeking a unique cultural and culinary experience. The Mercado will also be a community resource, providing a venue for trusted financial, legal and social services to help Latino families grow household assets.
The Baltazar Ortiz Community Center is a 7,812 sq. ft. commercial facility that houses a county health clinic and family resource center. The Ortiz Center places important Multnomah County health and social service programs in the heart of an at-risk community, and helps many residents access the health care they need. As the building is approaching its fifteenth year, Hacienda needs to make much needed repairs as existing systems reach the end of their useful life. These items include new sidewalks to meet current city standards, a new HVAC system, and a new roof.
“Our relationship with Hacienda dates back two years. During that time we introduced Hacienda to the program and then worked with them to structure their three projects in a manner that allowed for both the use of federal and state New Markets Tax Credits while accommodating existing lenders and grant providers in the three different physical locations. The transaction had its challenges, but the team overcame them all,” said Reynold Roeder, CEO of Roeder & Company, LLC.
Hacienda CDC was formed in 1992 in response to the declining standard of living among Hispanic immigrants in Portland’s lower-income communities. Hacienda has 381 community-centered, affordable rental housing units for over 1,500 residents, 70% of whom are first or second generation Hispanic immigrants and over 95% of whom are people of color. Residents typically earn less than 50% of family median income for the area and more than half are school-aged youth. For more information about Hacienda CDC, please visit www.haciendacdc.org.
Hacienda CDC, a Latino Community Development Corporation that strengthens families by providing affordable housing, homeownership support, economic advancement and educational opportunities, is using the State and Federal NMTC net benefit to complete the funding necessary to construct a new headquarters building and the Portland Mercado, as well as rehabilitate the aging Baltazar Ortiz Community Center. The combined State and Federal NMTC financing will also generate funds that will be utilized to build Hacienda’s agency capacity to further serve families in the low-income communities surrounding the aforementioned three projects.
“Without the financing provided through the New Markets Tax Credit Program, Hacienda would not have been able to complete these projects in 2015,” said Victor Merced, Hacienda CDC Executive Director and Roeder & Company Advisory Board Member. “This financing has enabled Hacienda to dramatically increase its program offerings to the Latino low-income community in Portland.”
The headquarters will provide badly needed space for existing staff which is currently located at 3 different facilities and will allow Hacienda to locate adjacent to many of its housing units to better serve the needs of residents. The building will be in the Cully Neighborhood of Northeast Portland, which is Portland's most ethnically diverse neighborhood with 51% of residents representing communities of color.
The Portland Mercado is a Latino public market that will serve as a business incubator for low-income community members. Based on the Mercado Central model in Minneapolis, the Portland Mercado will be a physical space in which members of the community will provide the opportunity for entrepreneurs to grow and expand their businesses while receiving cultural and business training from Hacienda. The Mercado will serve as a center for the Latino community in the Portland region and as a destination for those seeking a unique cultural and culinary experience. The Mercado will also be a community resource, providing a venue for trusted financial, legal and social services to help Latino families grow household assets.
The Baltazar Ortiz Community Center is a 7,812 sq. ft. commercial facility that houses a county health clinic and family resource center. The Ortiz Center places important Multnomah County health and social service programs in the heart of an at-risk community, and helps many residents access the health care they need. As the building is approaching its fifteenth year, Hacienda needs to make much needed repairs as existing systems reach the end of their useful life. These items include new sidewalks to meet current city standards, a new HVAC system, and a new roof.
“Our relationship with Hacienda dates back two years. During that time we introduced Hacienda to the program and then worked with them to structure their three projects in a manner that allowed for both the use of federal and state New Markets Tax Credits while accommodating existing lenders and grant providers in the three different physical locations. The transaction had its challenges, but the team overcame them all,” said Reynold Roeder, CEO of Roeder & Company, LLC.
Hacienda CDC was formed in 1992 in response to the declining standard of living among Hispanic immigrants in Portland’s lower-income communities. Hacienda has 381 community-centered, affordable rental housing units for over 1,500 residents, 70% of whom are first or second generation Hispanic immigrants and over 95% of whom are people of color. Residents typically earn less than 50% of family median income for the area and more than half are school-aged youth. For more information about Hacienda CDC, please visit www.haciendacdc.org.
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