$23 Million in NMTC and Senior Financing
Founded in New York City in 1896, Volunteers of America (VOA) provides help to those in need while creating opportunities for people to serve others in more than 200 cities nationwide. More than 70 programs in the New York metropolitan area serve over 40,000 residents.
VOA operates two Early Learning Centers for developmentally delayed preschoolers: one in Staten Island and one in the Bronx. Recipients of the New York State Department of Education’s “Outstanding Early Childhood Education” yearly award, the centers are committed to maximizing the learning potential of every child.
Programs for preschoolers with developmental delays in the Bronx are in very high demand. The Bronx school was in a leased building that was overcrowded. In 2006, CBO Financial created the financing plan to relocate the school into a building owned by VOA to house an expanded program in better-suited, customized facilities. We secured $15 million in NMTC allocation and senior financing for the new campus, which is located in a severely distressed area with a 50% poverty rate. The Bronx Early Learning Center in its new home now prepares hundreds of preschoolers for success in kindergarten while helping to revitalize a blighted community.
In 2008, VOA approached us once again for project financing help, which resulted in $8 million in NMTC allocations and senior financing to fund the construction of a new domestic violence shelter in New York City. The 63-bed shelter, located in an extensively renovated circa-1920s building in Harlem, offers medical and mental health services, crisis intervention, job and housing assistance, and legal advocacy.