Treasury Department Awards $90 million
in New Markets Tax Credits to
NCB Capital Impact
The U.S. Department of The Treasury announced $90 million in New Markets Tax Credit allocations for NCB Capital Impact at a press conference where Treasury Secretary Timothy Geithner highlighted the organization’s innovative approach to effective investment as a model for sustainable economic development. Read more about this news story. See brief coverage from CNBC.
Over $1 Billion Served!
Thanks to our partners and the dedicated community-based organizations with whom we work, NCB Capital Impact is proud to announce that in 2008 we passed the $1 billion mark in disbursements to underserved communities.
Since our inception, NCB Capital Impact has put $1.195 billion to work in low- and moderate income communities throughout the United States supporting growth of community health care centers, charter schools and affordable homeownership.
In 2008 alone, we disbursed more than $200 million: $96 million to community health care centers, $83 million to charter schools in underserved communities, $13 million to cooperatives and community development organizations and $7.5 million to affordable housing.
Read more about this and other news stories here.
Ford Foundation Awards $750,000 Grant for Shared Equity Homeownership
The first major grant focused on taking shared equity housing to a national scale has been awarded by the Ford Foundation. NCB Capital Impact will act as the facilitator for this unprecedented initiative that will engage the for-profit and not-for-profit affordable housing industry, government agencies at all levels and Smart Growth and asset-building advocates. Additionally, this $750,000 grant complements NCB Capital Impact’s affordable housing lending work.
“We are delighted to have the opportunity to partner with so many leaders in affordable home ownership to make owning a reality for families who wouldn’t otherwise be able to,” stated Terry Simonette, President & CEO of NCB Capital Impact. “To do our part in making an impact on a national scale, we will build on our 25 years of creating safe and sustainable homeownership and employ expertise in policy technical assistance and lending.”
Read more about this initiative here.
A Community Built On a Shared Need
"Village Movement Forms Ties to Help Retirees Keep Homes." Read the full article By Fredrick Kunkle, Washington Post Staff Writer Sunday, October 12, 2008; Page C01.
Learn more about the “Village” Development Workshop in Denver, Colorado on June 15, 2009 .
$12 Million Investment Received From Bank of America
NCB Capital Impact received a $12 million Program Related Investment (PRI) from Bank of America, to improve access to affordable housing, health care and educational opportunities for Americans in low- to moderate-income communities. Read more in our 10/1/08 press release.
To Our Borrowers & Partners
The news over the past few weeks has generated a lot of anxiety about the financial markets, and has caused all of us to re-think our banking relationships, retirement plans and financial security. Understandably, many of you have called to determine how the crisis has affected NCB Capital Impact. This is what we want you to know:
• We have money to lend
• Our financial condition & loan portfolio are strong and sound
• It’s business as usual at NCB Capital Impact
• We are planning for the future
More information (PDF)
New Markets Tax Credits Help Finance Green House® Home
The first Green House® Homes to be built in Massachusetts were made possible through an innovative combination of public-private financing and fundraising. NCB Capital Impact and the Massachusetts Housing Investment Corporation deployed $29MM in New Markets Tax Credit allocations to assist the Chelsea Jewish Nursing Home in the development of a $31.4MM innovative skilled nursing development. Read more in our 7/28/08 press release.
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