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$28 Million in New Markets Tax Credit Financing

Salvation Army Ray and Joan Kroc Corps Community Center

Born Out of A Vision That All People Should Have Access to Resources That Can Help Them Reach Their Full Potential

The Salvation Army Ray and Joan Kroc Corps Community Center Community Development Project

The Salvation Army Ray and Joan Kroc Corps Community Centers were born out of a vision that all people should have access to resources that can help them reach their full potential.

The first Salvation Army Ray and Joan Kroc Corps Community Center was established in San Diego in 2002. The success of the San Diego “Kroc Center” and her appreciation of and ultimate trust in The Salvation Army’s work moved Mrs. Kroc to bequeath nearly $1.6 billion to the Army for the purpose of creating similar facilities in similar neighborhoods throughout the United States.

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To date, 23 Ray and Joan Kroc Centers are open and operating, 3 of which were partially funded via NMTCs; four more including the Camden center are in planning or construction phases. All of these centers equip men, women, and children with the tools to reach their full potential with programs to help improve skills, wellness, and lives while pursuing dreams that may have been out of reach before.

As the result of a competitive process TSA awarded Camden, NJ with partial funding to establish a Kroc Center. Camden is one of the poorest cities in the U.S.; a staggering 51% of the roughly 78,000 residents of the City of Camden live at or below the poverty line, the unemployment rate is 18.6%, and in 2010, 50.3% of the city’s children lived in poverty. The 120,000 SF Camden Kroc Center is located on an 85-acre remediated landfill. While the center will be open to all, it was Mrs. Kroc's greatest hope that it would help young people to realize their potential through an offering of varied programs and opportunities. Thus, the center will include a full size gymnasium, an indoor competition pool and water park, black box theater, community gathering plaza, media center, learning center, culinary arts teaching kitchen, choice food pantry, early childhood education center, teen center, senior center, athletic fields, health clinic and more.

This extraordinary project will impact Camden’s families for generations to come. The new state-of-the-art, multi-million dollar Kroc Center will act as a source of neighborhood pride and serve as a catalyst for urban renewal, community integrity and increased property values. Estimates indicate that the center’s resources and programs will serve 10,000 members and host 350,000 visitors annually. The Kroc Center will create hundreds of local direct and indirect jobs and will invest millions of dollars into a community in desperate need of employment opportunities. Life skills and selected occupational training will also be offered to assist individuals as they explore employment opportunities. This better qualified workforce will then attract new employers.

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TSA will operate the center and will recruit professional staff of approximately 160 full-time, part-time and adjunct staff. TSA will collaborate on programming with local organizations, including hospitals, child care providers, arts and cultural organizations, and community groups including Rutgers University, Rowan University, Camden County College, the Camden School System, Cooper University Hospital, and the Workforce Investment Board, among many others, to provide programs and classes that will meet specific community needs.

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