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$2.9 Million in New Markets Tax Credit Financing

Baker Ripley House Neighborhood Center

A Community Village That Differs From Other Neighborhood Centers

Baker-Ripley House Neighborhood Center Community Development Project

Founded in 1907, Neighborhood Centers, Inc. is the largest not-for-profit organization in Houston, TX, providing a range of community-based programs and services for young people, families and seniors. Through 58 strategically located centers and educational facilities, the organization serves more than 200,000 neighbors across a 46-county region in Texas. By working hand-in-hand with the residents of underserved neighborhoods, Neighborhood Centers helps them discover and develop the necessary strengths and skills to become productive, self-sufficient individuals.

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The Gulfton-Sharpstown neighborhood in Houston, TX is one of the city’s poorest, with a 26.7% poverty rate and 52.4% of benchmarked median family income. CBO Financial provided $2.9 million in New Markets Tax Credit (NMTC) financing to Neighborhood Centers for the new construction of the Baker-Ripley Neighborhood Center.

The site plan was expanded to include more space for an outdoor village and marketplace to serve residents of the surrounding low-income community. Currently seeking LEED certification, this project is an outstanding example of green construction for nonprofits and neighborhood centers that serve underserved communities. Neighborhood Centers, Inc. has constructed a beacon of positivity in the area thanks to help from CBO Financial.

The Baker-Ripley House, differs from other neighborhood centers in that it resembles a community village – including an elementary charter school that is integrated with a Head Start program; a welcome center for traditional community center activities, including after-school and adult education programs and accompanying childcare; an art building with studio space for local artists; a reunion hall for performances and group activities; a business center for retail incubation and a community credit union; and a community park which includes a garden, marketplace and picnic space for families.

From the inception of this project, residents and leaders in community building and design activities were engaged on a regular basis—contrary to typical community center development. The resulting building and public space design directly reflects the multicultural, vibrant and colorful look and feel of the neighborhood, and improves the health and well-being of its residents and the environment.

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“CBO Financial was instrumental in helping us to finance a community center, which could not have been built without the flexible financing provided by CBO; we found the CBO team to be highly competent, professional and the delivered what they promised. I highly recommend that other nonprofits work with the team at CBO Financial for their project financing needs.”


Ray Chung
Vice President & CFO
Neighborhood Centers, INC.

MILLIONS OF DOLLARS. IMMEASURABLE RETURNS.

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Does Your Project Qualify for Low-Cost Financing or New Markets Tax Credits?

Reach out to our specialists to discuss how we can work together.
Get a Free Project Analysis

Other Financing Services

CBO Financial provides a range of services to help plan and finance projects located in low income communities, including below-market loans and subsidies.

Project Planning And Financial Modeling

Start a project right by identifying anticipated predevelopment expenses, project budget, sources/uses of funds, cash flow forecasts and debt service coverage.
Project Planning And Financial Modeling

Financing Request Package Development

Developing a comprehensive Financing Request Package (FRP) is an important first step in securing financing and/or project subsidies for community development.
Financing Request Package Development

US Department of Agriculture Programs (USDA)

The USDA offers various economic development projects; two of which are beneficial to community development projects are the Community Facilities and Rural Utilities Programs.
US Department of Agriculture Programs (USDA)

HISTORIC TAX CREDIT APPLICATION Assistance

CBO Financial can assist and take a leadership role in developing both Part I and Part II federal and state Historic Tax Credit applications.
HISTORIC TAX CREDIT APPLICATION Assistance

RACP APPLICATION PREPARATION Assistance

Redevelopment Assistance Capital Program is intended for regional economic, cultural, civic, recreational, and historical improvement in Pennsylvania.
PENNSYLVANIA RACP APPLICATION PREPARATION

Puerto Rico Financing Programs Assistance

Puerto Rico financing programs offers many community development opportunities for mainland investors and local business owners.
Puerto Rico Financing Programs Assistance

You see challenges. We see possibilities.
Your community sees change.

Established in 1999, CBO Financial is a financial consulting firm that specializes in helping businesses secure funding for development projects in the nation’s most distressed communities. Our experts understand how to present economic, environmental, and societal benefits to public and private organizations so your project receives the funding it needs to move forward quickly and reasonably. A CBO Financial subsidiary, Community Development Funding, LLC, has received six awards under the federal New Markets Tax Credit program totaling $150M. In addition the team has taken a leadership role in securing 18 awards for clients totaling over $400M.
Our Services
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The funding is out there

CBO can be your access point for a variety of flexible financing sources including gap financing using New Markets Tax Credits, Historic Tax Credits, Tourism Tax Credits, Property Assessed Financing, Opportunity Zone Funds and others.
Programs
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 a Significant Impact

CBO is on a mission to help elevate the lives of people living in distressed communities by providing flexible, below-market gap financing to high-impact projects that cannot otherwise move forward. Does your project qualify for financing?
Team
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Million-dollar stories

The CBO team has funded over $1 billion in projects for local and national nonprofits, for-profit developers, and municipal agencies. Our team can help you find the low-cost financing or new market tax credits needed for your projects.
Projects

Does Your Project Qualify for Low-Cost Financing or New Markets Tax Credits?

Reach out to our specialists to discuss how we can work together.
Get a Free Project Analysis