PRESS RELEASE
12/17/09
Contact: Jeanne Molinari, (703) 647-2316
Recovery Café Financing Made Possible by
American Recovery and Reinvestment Program
NCB Capital Impact Provides $9.79 Million in NMTC Financing for Therapeutic Facility
SEATTLE (December 16, 2009) — Recovery Café, an alternative therapeutic community supporting men and women in recovery from homelessness, addictions and mental health challenges, today announced that it has received $9.79 million from NCB Capital Impact to secure a new location for the Café’s recovery services. NCB Capital Impact financed land acquisition of two land parcels and to help renovate a historic building with a special round of New Market Tax Credits (NMTC) made possible by the American Recovery and Reinvestment Act (ARRA).
The financing will allow Recovery Café, home of the School for Recovery, to triple the number of people receiving assistance. The Café offers a range of programming to its diverse population ranging in age from 18 to 82, including veterans and those with disabilities.
“We are delighted to partner with NCB Capital Impact, as well as several foundations and individuals, to establish this new location which will be a refuge of healing and hope,” said David Coffey, executive director of Recovery Café. “This important community resource will vastly increase our capacity to address the underlying issues of addiction and past trauma which is critical to breaking the cycle of relapse and homelessness.”
NCB Capital Impact, a national nonprofit mission-based financial organization, has closed 30 NMTC transactions totaling more than $230 million since 2005. These projects have had a demonstrated impact on rural and urban communities nationwide, leveraging over $500 million in capital resulting in: creation/retention of 3,542 permanent jobs and 2,157 temporary jobs; 1,015,000 square feet of community facilities space; 3,750 school seats for children; and 198,000 annual patient visits for medically underserved.
“At a time when the financial markets are reducing funding, NCB Capital Impact is able to step up to offer financing through the New Market Tax Credit program,” said Annie Donovan, chief operating officer of NCB Capital Impact. “We take our inspiration from those people and organizations working on the front lines and are pleased to support an organization like Recovery Cafe.”
###
About NCB Capital Impact
NCB Capital Impact is a national non-profit that provides financial services and technical assistance for low- to moderate-income individuals and communities to create more affordable homeownership, long-term care innovations, and facilities for health care centers and charter schools. NCB Capital Impact is a leader in New Markets Tax Credits financing designed to spur economic development in distressed communities. To learn more: visit www.ncbcapitalimpact.org.
About New Markets Tax Credits
The New Markets Tax Credit Program promotes social investment in underserved communities by permitting taxpayers to receive a credit against federal income taxes for making qualified equity investments in community development entities. To date, over $14 billion of private-sector capital has been invested through the NMTC Program into urban and rural communities throughout the country. Data reported through 2008 shows that $12.7 billion dollars of NMTC capital has been invested into approximately 2,000 businesses and real estate developments. A complete list of the organizations selected and additional information on the NMTC Program can be found on the CDFI Fund's web site at: www.cdfifund.gov.