Roeder & Company, LLC and Enhanced Community Development announce the closing of a $4 million Oregon New Markets Tax Credit (NMTC) transaction to help fund the construction of the Children’s Center at Stephens Creek Crossing and to support Neighborhood House’s work with low-income families. Roeder & Company also sourced $1.6 million in Federal NMTC allocation from Albina Equity Fund for the project.
Neighborhood House, a leading Portland social service agency, recently completed construction of an early childhood education center in conjunction with Home Forward’s new Stephens Creek Crossing affordable housing development in Southwest Portland. The $5.2 million building will be a model for innovation in early education, and will become the headquarters for Neighborhood House’s highly-regarded Head Start program, which currently offers preschool programming for low-income children at six locations on Portland’s west side. The NMTC financing leverages the previous investments made in the Children’s Center, generating funds that will be utilized to build Neighborhood House’s agency capacity, as well as to serve families residing at the new housing development.
The new Children’s Center will be the cornerstone in an array of programs Neighborhood House will offer at Stephens Creek Crossing to support school-readiness and educational success for the development’s young residents. These will be complimented by Home Forward’s on-site training programs to help adult residents improve their employment skills. The goal is to establish a powerful culture of learning, work, and achievement for the entire community to help families successfully step on a path toward education and out of poverty.
“The New Markets Tax Credit Program is a powerful mechanism for directing investment into projects serving low-income people,” said Neighborhood House Executive Director Rick Nitti. “We are grateful to our business partners for helping us build on the success of our capital campaign and generate additional resources to support our work at Stephens Creek Crossing and beyond.”
The Children’s Center will welcome its first students in September 2014. For more information on Neighborhood House, please visit www.nhpdx.org. For more information on Home Forward, please visit www.homeforward.org.
Neighborhood House, a leading Portland social service agency, recently completed construction of an early childhood education center in conjunction with Home Forward’s new Stephens Creek Crossing affordable housing development in Southwest Portland. The $5.2 million building will be a model for innovation in early education, and will become the headquarters for Neighborhood House’s highly-regarded Head Start program, which currently offers preschool programming for low-income children at six locations on Portland’s west side. The NMTC financing leverages the previous investments made in the Children’s Center, generating funds that will be utilized to build Neighborhood House’s agency capacity, as well as to serve families residing at the new housing development.
The new Children’s Center will be the cornerstone in an array of programs Neighborhood House will offer at Stephens Creek Crossing to support school-readiness and educational success for the development’s young residents. These will be complimented by Home Forward’s on-site training programs to help adult residents improve their employment skills. The goal is to establish a powerful culture of learning, work, and achievement for the entire community to help families successfully step on a path toward education and out of poverty.
“The New Markets Tax Credit Program is a powerful mechanism for directing investment into projects serving low-income people,” said Neighborhood House Executive Director Rick Nitti. “We are grateful to our business partners for helping us build on the success of our capital campaign and generate additional resources to support our work at Stephens Creek Crossing and beyond.”
The Children’s Center will welcome its first students in September 2014. For more information on Neighborhood House, please visit www.nhpdx.org. For more information on Home Forward, please visit www.homeforward.org.
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