“Access to affordable early childhood education is crucial for parents\u2019 job stability and supports the city\u2019s overall economic health,\u201d said Paul Levinsohn, Co-Founder of New York City Regional Center.\u00a0 “This infusion of capital furthers Grand Street\u2019s mission to expand access to affordable child care for low-income families in New York City.\u201d\u00a0<\/p>\n
Grand Street has been providing quality programs and services to children and families in need for 109 years.\u00a0 This is the first time that the non-profit is expanding their services in the Bronx.\u00a0<\/p>\n
“The Bronx has the least number of center-based child care options for families in the entire city of New York,\u201d said Cordero.\u00a0 We are looking to change that.\u201d<\/p>\n
Grand Street was established in 1916 to support families of immigrants arriving in New York City seeking housing and employment opportunities.\u00a0 Today, Grand Street serves over 18,000 New Yorkers and has grown exponentially over the past decade, with a network of over 45 community centers, schools, and partnership sites supporting underserved neighborhoods throughout New York City. \u00a0Grand Street centers employ a hands-on learning approach that encourages children to follow their curiosity and explore through play.\u00a0 Children with physical and learning disabilities are supported by expert staff in integrated classrooms to ensure a safe and comprehensive learning environment.<\/p>\n
The $20 million transaction utilized a portion of a previous $45 million New Market Tax Credit award from the U.S. Department of Treasury to NYCR-CDE, a Community Development Entity managed by New York City Regional Center. \u00a0To receive a New Market Tax Credit allocation award, NYCR-CDE was required to demonstrate a mission and track record of providing investment capital for low-income communities.<\/p>\n
Since 2016, NYCR-CDE has received seven separate annual tax credit awards totaling $315 million.\u00a0 Examples of previous fundings include:<\/p>\n
Construction of the National Urban League\u2019s new headquarters in HarlemRedevelopment of the Major Owens Community Center in BrooklynRedevelopment of the Armory Track & Field Center in Washington HeightsExpansion of St. John\u2019s Episcopal Hospital Center in Far RockawayConstruction of eleven charter schools\u00a0 $23 million for DREAM in the South Bronx\u00a0$20 million for Achievement First Linden Middle School in Brooklyn$20 million for KIPP NYC in the Bronx$19 million for Bold Charter School in the Bronx$18 million for Neighborhood Charter School in the Bronx$18 million for Promise Academy II in East Harlem$15 million for Comp Sci High in the Bronx$15 million for DREAM in the South Bronx$15 million for Charter School for Law and Social Justice in the Bronx $11 million for Ascend Charter Schools in Brooklyn The New Market Tax Credit Program was created by Congress in 2000 in an effort to stimulate private investment and economic growth in low-income neighborhoods and rural communities that lack access to capital. Historically, low-income communities often have difficulty attracting investment. \u00a0The program aims to break this cycle of disinvestment by attracting the private investment necessary to reinvigorate struggling local economies. Private capital is incentivized by providing federal income tax credits to investors in exchange for making equity investments in low-income neighborhoods.<\/p>\n
About New York City Regional Center<\/p>\n
New York City Regional Center (“NYCRC\u201d) was approved by the United States Citizenship and Immigration Services in 2008 to secure foreign investment for real estate and infrastructure projects under the EB-5 Immigrant Investor Program.\u00a0 Congress created the EB-5 program to stimulate economic development through foreign investment. The program\u2019s mandate is to use foreign investment to spur job creation while simultaneously affording eligible foreign investors the opportunity to become lawful permanent residents of the United States. \u00a0NYCRC was the first EB-5 regional center approved in New York City.\u00a0<\/p>\n
Over the past 17 years, NYCRC has put $1.58 billion of EB-5 capital and $315 million of New Market Tax Credit capital to work across a broad spectrum of infrastructure and real estate projects in New York City.\u00a0 Much of this capital has been invested in low-income areas in need of long-term economic growth.\u00a0 Examples include:<\/p>\n
$873 million to finance ground-up, redevelopment, and infrastructure projects in Brooklyn, including seven projects totaling $385 million in the Brooklyn Navy Yard$321 million to finance ground-up construction in the Bronx$232.5 million to finance the construction of a public high-speed wireless infrastructure network in New York City subway stations and along city streets$127.5 million to finance ground-up and redevelopment projects in Washington Heights (an Upper Manhattan Empowerment Zone) To date, 42 projects throughout New York City have utilized NYCRC New Market Tax Credit and EB-5 capital to assist in the construction of over 6.9 million square feet of new development and renovation as well as critical infrastructure initiatives.\u00a0<\/p>\n
About the New Markets Tax Credit Program<\/p>\n
Established by Congress in 2000, the New Markets Tax Credit Program assists economically distressed communities attract private investment capital.\u00a0 This federal tax credit helps to fill project financing gaps by enabling investors to make larger investments than would otherwise be possible.\u00a0 Communities benefit from the jobs associated with investments in manufacturing, retail, and technology.\u00a0 Communities also benefit from greater access to housing and public facilities in health, education, and childcare.\u00a0<\/p>\n
Through the New Market Tax Credit Program, the U.S. Department of Treasury allocates tax credit authority to Community Development Entities (CDEs) through a competitive application process.\u00a0 CDEs are financial intermediaries through which investment capital flows from an investor to a qualified business located in a low-income community.\u00a0 CDEs use their authority to offer tax credits to investors in exchange for equity in the CDE.\u00a0 The tax credit provided to the investor totals 39 percent of the cost of the investment and is claimed over a seven-year period.\u00a0 With these capital investments, CDEs can make loans and investments to businesses operating in distressed areas that have better rates, terms, and flexibility than the market.\u00a0 Historically, for every $1 invested by the federal government, the New Market Tax Credit Program awards generated $8 of private investment.\u00a0\u00a0<\/p>\n
Since 2001, $81 billion in New Market Tax Credits have been invested in low-income communities resulting in the construction or rehabilitation of approximately 259 million square feet of commercial real estate.\u00a0<\/p>\n
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