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$9 Million of New Markets Tax Credit Allocation, $8 Million in State of Oregon Tax Credits

Coos History Museum
Coos Bay, Oregon

Recapturing Coos History Status as a Community Treasure and Attraction

Coos History Museum - Oregon Community Development Project

In 1891, citizens of Coos County, Oregon formed the Historical Society. This act has led to the donation of over 50,000 artifacts and 250,000 images, housed in the Coos History Museum. When the surrounding community began to deteriorate and businesses moved away, the museum suffered a major decrease in visitors. In 2002, they began efforts to relocate and expand the museum in a way that would allow it to recapture its status as a community treasure and attraction.

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In an effort to pursue this vision, and in an act showing extraordinary support and belief in the project, the city donated $1.8 million in key waterfront land along Highway 101. As travelers drive down the highway, they would be drawn in by the sight of the museum in front of the water and just two blocks from historic downtown. The museum would be able to join the other tourist destinations along this highway, which draw tens of thousands of visitors, and in turn drive that businesses into the shops, restaurants, and services nearby. The community believed strongly in this project; of the $6.4 million raised in donations, 72% were of $1,000 or less.

Despite all of this support, the costs of this catalytic project were still too high. The project stalled for two years. The community was devastated by unemployment 186% of the national average. The governor made a statement that 15 new jobs in Coos Bay are as important as 200 new jobs in Portland. In the face of urgent need for new development – the first besides a casino in 30 years – the project simply could not move forward.

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In 2012 CBO’s subsidiary, Community Development Funding, came to the aid of this suffering community. CDF provided $9 million of its New Markets Tax Credit allocation, and secured an additional $8 million allocation from the State of Oregon. Now, construction on this crucial project is finally completed. It has generated almost $58 million in the payroll of those involved in construction, and supported over 40 families. Since opening, the museum has provided interpretive exhibits, programming and convening space for 6,900 people, and given educational tours to over 400 students.

CDF is proud to have made this project possible, revitalizing an extremely distressed community, and greatly improving the lives of its residents and visitors.

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