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$11.3 Million in New Markets Tax Credit Financing

St. Margaret’s Nursing Home
New Orleans, LA

Providing Exceptional Long-Term Care to The Poor, Frail, And Elderly Population

St. Margaret's Nursing Home, New Orleans, LA Project

Since it was founded in 1931, St. Margaret’s has fulfilled its mission to provide exceptional long-term care to the poor, frail, and elderly population. The non-profit nursing home is located on the grounds of a hospital in the Lower 9th Ward of New Orleans, a community with a poverty rate of 36% that badly needs the care St. Margaret’s is able to provide.

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When Hurricane Katrina hit in 2005, the hospital suffered extensive flood damage. The damage was so severe that the hospital never reopened. St. Margaret’s had no choice but to find a new site. Unfortunately, FEMA disaster relief funding pays for reconstruction, but does not pay for organizations to purchase new land; therefore, St. Margaret’s had nowhere to turn in their quest to continue fulfilling their mission of service and care.

In 2009 CBO’s subsidiary Community Development Funding was able to provide $11.3 million in New Markets Tax Credit Financing so St. Margaret’s could purchase land and then combine the funding with FEMA reconstruction funds to build an entirely new facility. The new center opened its doors in 2012, and now employs 145 people with medical and retirement benefits. Of these, 60% were formerly low-income people, and 97% are minorities.

More important even than the jobs CDF was able to create and save are the people who are cared for at St. Margaret’s. In 2014 there were 29,270 total resident days, of which nearly 100% were people on Medicaid. In 2013, JB Morgan Chase donated $350,000 to fund the development of the Team Gleason House for Innovative Living, a residential facility within St. Margaret’s which serves patients living with incurable neuromuscular disorders such as multiple sclerosis (MS) and amyotrophic lateral sclerosis (ALS).

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CDF is very proud to have helped bring St. Margaret’s eight-year search for recovery from Hurricane Katrina to such a positive conclusion, and to provide service to the distressed community of the Lower 9th Ward.

MILLIONS OF DOLLARS. IMMEASURABLE RETURNS.

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JIM’S LOCAL MARKET

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RONALD MCDONALD HOUSE – FT. WORTH, TEXAS

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THE SALVATION ARMY OF GREATER CLEVELAND: “THE CLEVELAND PLAN”

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SUMMER TOWN ESTATES COMMERCIAL CENTER, DEDEDO, GUAM

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RAY AND JOAN KROC CENTER, CAMDEN, NEW JERSEY

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COOS HISTORY MUSEUM, COOS BAY, OREGON

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HARLEM HEIGHTS CULTURAL ARTS & COMMUNITY CENTER, FORT MYERS, FL

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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

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CTA-CDE

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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