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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.

These are the real success stories of how CBO Financial has been able to help its clients obtain funding for life-changing projects.
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iLearn Academy Charter School

The iLearn Academy Charter School in Dededo is the first brand new public school to be built on Guam in over 10 years. ILearn will provide 900 K-5 students with programs to increase students’ Science, Technology, Engineering, and Math (STEM) skills by integrating technology into the curriculum. The 3.6-acre campus includes 30 classrooms, a large cafeteria/dining facility designed to allow on-site meal preparation with a focus on healthy food initiatives, and a full-size gymnasium. CBO Financial wrote the original NMTC Allocation Application for the Guam-based CDE that provided $20M in NMTCs for the $33M project, and coordinated closing.
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FARMINGTON FOODS

CBO contributed $1 million in state New Markets Tax Credit financing to a 20,000 square foot expansion of Farmington Foods, which specializes in portioning and packaging fresh pork and other quality meats in Forest Park, Illinois. Expanding this family-owned business creates additional local food supply and food-based jobs for the surrounding area.
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EASTERN PUERTO RICO PROMISE ZONE: ROOSEVELT ROADS

The first Promise Zone designation for Puerto Rico was designated in June of 2016 with the lead agency as the Local Redevelopment Authority of Roosevelt Roads. Implementation partners include the municipalities of Ceiba, Fajardo and Naguabo, and CBO Financial.
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JIM’S LOCAL MARKET

CBO provided $3.5 million in New Markets Tax Credits funds to bring Jim’s Local Market, a 69,000 square foot fully-service grocery store providing healthy foods to a designated food desert in the southeast community corridor of Newport News, VA, an area with one of the Highest concentrations of poverty in the city.
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RONALD MCDONALD HOUSE – FT. WORTH, TEXAS

CBO provided $4 million in New Markets Tax Credit financing to expand the Ronald McDonald House in Fort Worth, Texas, which provides services to families of terminally ill children in an area with 22.9% poverty. The funding increased the number of families served to 967 with a cumulative 14,009 nights of stays; an Estimated 80% of guests are Medicaid recipients.
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THE SALVATION ARMY OF GREATER CLEVELAND: “THE CLEVELAND PLAN”

CBO assisted The Salvation Army in securing $18 million in NMTC funding for the expansion of four new and/or renovated community center facilities, all of which are severely distressed.  More than 35% of the Cleveland population lives below the poverty level.
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SUMMER TOWN ESTATES COMMERCIAL CENTER, DEDEDO, GUAM

CBO Financial secured $5 million in New Markets Tax Credits to complete the first NMTC transaction on the island of Guam. Summer Town Estates Commercial Center is a mixed-use community center providing quality-of-life services in the heart of an affordable housing development for low-income and disabled seniors in the northern village of Dededo, Guam.
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RAY AND JOAN KROC CENTER, CAMDEN, NEW JERSEY

CBO assisted The Salvation Army in securing $28 Million in NMTC funding for this project. This extraordinary project will impact Camden‘s families for generations to come by targeting a population with a staggering 51% who live at or below the poverty line.
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COOS HISTORY MUSEUM, COOS BAY, OREGON

CBO provided $9 million of its New Markets Tax Credit allocation and secured an additional $8 million allocation from the State of Oregon, to relocate the Coos History Museum to the waterfront in severely distressed Coos Bay and expand the facility, revitalizing a deteriorating community devastated by unemployment 186% of the national average.
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FLORECE HIDROPONIA, MOROVIS, PUERTO RICO

CBO Financial’s subsidiary, Community Development Funding, provided $3.6 million in New Markets Tax Credit financing for Florece Hidroponia, a 175,000 sf hydroponic tomato production facility in Puerto Rico, that is growing 40,000 tomato plants in a low income community with 64% poverty and 22% unemployment, on an island that imports approximately 90% of its food.
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NEIGHBORHOOD CENTERS, INC., BAKER-RIPLEY NEIGHBORHOOD CENTER

CBO Financial provided $2.9 million in NMTC financing for the new construction of the Baker-Ripley Neighborhood Center.   Their area in Houston, TX was one of the city’s poorest, with a 26.7% poverty rate and 52.4% of benchmarked median family income.
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HARLEM HEIGHTS CULTURAL ARTS & COMMUNITY CENTER, FORT MYERS, FL

CBO Financial took a leadership role in securing $5 million in New Market Tax Credits to complete the Harlem Heights Cultural Arts & Community Center after construction was halted due to lack of funds. The center provides services and programs to the Harlem Heights community in Fort Myers, FL, a severely distressed area where the average household income is less than $29,000 per year, and 36% of families live below the poverty level.
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ST. MARGARET’S NURSING HOME, NEW ORLEANS, LA

CBO Financial’s subsidiary, Community Development Funding, provided $11.3 million in New Markets Tax Credits to St. Margaret’s Home, a non- profit nursing home for low-income elderly in the Lower 9th Ward of New Orleans, to build a new facility after the hospital suffered extensive flood damage from Hurricane Katrina. CBO is proud to have helped provide crucial services in this distressed community with a poverty rate of 36%, while saving 145 jobs.
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VOLUNTEERS OF AMERICA, GREATER NEW YORK

CBO deployed $15 million in financing to construct VOA‘s new preschool facility dedicated to children with developmental delays and $8 million in financing for the renovation of their 63-bed domestic violence shelter.
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FARESTART CULINARY ACADEMY

CBO provided $17 million in New Market Tax Credits and Historic Tax Credits to help this Seattle, Washington based nonprofit renovate and upgrade their building.
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VOLUNTEERS OF AMERICA NATIONAL SERVICES

CBO‘s assistance netted $35 million in NMTC funding, applied to PACE centers; housing for the disadvantaged; and Social Services facilities that support low-income residents and Communities.
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CTA-CDE

CBO assisted CTA-CDE in securing the first Florida State NMTC allocation of $10 million, bringing considerable change to a severely distressed Census Tract.
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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