Solid Growth and Impact

Headlines from 2007

From the top: Brockton Neighborhood Health Center in Brockton, Massachusetts was one of several 2007 New Markets Tax Credits success stories; Among hundreds of GREEN HOUSE® Homes across the nation, Presbyterian Villages of Michigan - The Village of Redford - Redford, Michigan opens two more in 2007.

A record $136.7 million in new lending plus $49.6 million in arranged transactions were disbursed to low- and moderate-income communities for affordable homeownership, school and health care facilities, and long-term care housing facilities.

Together with previous awards, NCB Capital Impact’s New Markets Tax Credits (NMTC) allocations reached $229 million. In 2007, NMTC transactions totaled $43.5 million to 7 borrowers.

Our investor managed portfolio grew 57% to $300 million, bringing our total assets managed to nearly $400 million. This growth was sparked by $106 million in new loans including $43.5 million in New Markets Tax Credits transactions. Additionally, we introduced a new charter school lending program, expanded servicing and asset management services, and utilized $30 million in capital from NCB.

Eight sites opened 14 Green House® homes in six states, for a total of 13 operating sites. Over 20 additional Green House® Projects are currently in development in 14 states – five of these sites are expected to open in 2008. For more program highlights, download THE GREEN HOUSE® Project Newsletters (PDF).

First-ever Shared Equity Symposium created a springboard for building scalable model for national replication.
First-ever Co-op Clinic brings D.C. residents and housing organizations together resulting in continued cooperation and knowledge transfer.

Building on over 14 years of success in the Robert Wood Johnson Foundation-funded Coming Home program, NCB Capital Impact created the Center for Long-term Supports Innovations. The new center’s mission is to help older Americans and persons with disabilities to conduct their lives with maximum independence, dignity, and connection with their communities.
In its first months, the center released a suite of products, developed as part of the Coming Home program, that support the development of affordable assisted living. The series includes research benchmarks, best practices and proven implementation tools. The materials are all free to developers, providers and other partners who share this mission.
The center also began work in a variety of areas, including housing for Money Follows the Person Demonstration Projects, and has established relationships with organizations such the AARP Public Policy Institute and the California HealthCare Foundation.

NCB Capital Impact collaborated to form Charter School Financing Partnership to leverage $150 million for charter school facilities. Housing Partnership Network Inc. (HPN), an industry leader in peer exchange and management of cooperative efforts, was awarded $15 million through the Department of Education’s (DOE) Credit Enhancement for Charter School Facilities Grants program to work with nonprofit financial institutions to develop innovative financing alternatives for charter schools.
With this grant, HPN and NCB Capital Impact formed a new consortium, the Charter School Financing Partnership (CSFP), along with Raza Development Fund, The Reinvestment Fund and Community Reinvestment Fund. CSFP will work to open the door for a greater number of charter schools to access the tax-exempt bond markets.

NCB Capital Impact, NCB and U.S. Bancorp Community Development Corporation collaborated to provide the Watts Healthcare Corporation (WHCC) with $5.3 million in financing to acquire its previously leased facilities. The purchase will allow WHCC to establish a permanent role in the community and enhance the services it provides to the area’s low-income residents. As part of the deal, WHCC is structured to receive the benefit of $1.3 million in New Markets Tax Credits equity after seven years, further securing the financial health of the organization.