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$17 Million in New Markets Tax Credit Financing

FareStart Adult Culinary Academy
Seattle, Washington

Culinary Job Training and Placement Program for Homeless and Disadvantaged Individuals

FareStart Adult Culinary Academy Community Development Project

Based in Seattle, Washington, FareStart is a community-based nonprofit organization that transforms lives by empowering homeless and disadvantaged men, women, and families to achieve self-sufficiency through life skills, job training and employment in the food service industry. The intensive training program combines hands-on food-service training with classroom instruction, individual case management and job placement services. This program prepares homeless and disadvantaged men and women for jobs in the restaurant and hospitality industry and helps them to keep those jobs. FareStart had purchased a 33,000-sq.-ft. building at 2004 Westlake Avenue in Seattle to expand their training, social service, and business capacity; however, they did not have the funding necessary to renovate and upgrade the facility to make it fully operational.

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NMTCs and Historic Tax Credits (HTCs) were combined to provide below-market financing with equity-like terms to make this project feasible. Available on federal and state level, HTCs encourage the rehabilitation of historic buildings or developments located in historic districts. Conventional lenders had declined, with the addition of NMTCs the project was able to move forward.

CBO Financial’s subsidiary, Community Development Funding, was called upon to help and made a $17 million NMTC investment as a gap financing measure to FareStart to renovate and upgrade their facility, transforming it into a culinary vocational training academy and restaurant.

CBO’s financing efforts were nationally recognized as the 2008 “First Place Real Estate QLICI of the Year” in a competition sponsored by the Novogradac Community Development Foundation.

The new facility addressed all of the deficits of the prior current location. Kitchen and classroom space will be doubled, providing for quality and safe training areas and increase their business capacity. A family resource area will provide a safe, “child friendly” space for the use of students who are parents of minor children. The organization’s management and administrative staff will be located in the same building.

The new facility provided FareStart with the capacity to increase to 575 the number of people served each year and increase by 80% the revenue generated through the organization’s food service businesses. Self-generated revenues support the majority of FareStart’s business operations growth, and hungry children and families will consume 21 million nutritious meals, prepared and delivered by FareStart.

Measured two years after graduation, FareStart has a 90% success rate with keeping formerly homeless people self-sufficient and off the streets.

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Over the past 19 years, FareStart has provided opportunities for nearly 5,000 people to transform their lives, while also serving over 4.5 million meals to disadvantaged men, women, and children.

MILLIONS OF DOLLARS. IMMEASURABLE RETURNS.

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

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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