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$5 Million in New Markets Tax Credit Financing

Summer Town Estates Commercial Center
Dededo, Guam

The Summer Town Estates Commercial Center offers commercial goods and social services that improve the quality of life  in Dededo.

Summer Town Estates Commercial Center Development Project

The US territory of Guam is a small island with a population problem, particularly in the northern village of Dededo. The average annual gross income for a person on Guam is just under $25,000; while the average annual household, typically consisting of 5 people, experiences a gross income of $49,000. Guam, like the rest of the nation, is undergoing a demographic revolution. By the year 2020, there will be approximately 32,000 senior citizens (ages 60 and older) on Guam, nearly double the current senior population.

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There is a distinct shortage of affordable housing on Guam, with much of the low-income housing properties in disrepair. There is an even greater shortage of community-based programs and recreational activities for seniors and low-income families. CBO Financial funded $5.0M in New Markets Tax Credit financing for the Summer Town Estates Commercial Center. The Center offers commercial goods and social services that improve the quality of life for low-income seniors, disabled individuals, and families residing in a surrounding low income housing development and the local community. The mixed-use facility consists of a 5,200 square foot neighborhood shopping center and laundromat, a 3,500 square foot restaurant and a 9,000 square foot community event center.

Guam has an island-wide poverty rate of 23%, and 93% of Guamanians are minorities. This project created 45 construction jobs and 23 permanent jobs related to the retail, commercial and community activities to be located in the Center. Indirect job creation is also realized through the numerous workforce training programs made available to both residents as well as Guam Community College students.

The project sponsor and owner is Core Tech International (CTI). Since inception in 1991 CTI has grown from humble beginnings to become Guam’s 2nd largest private employer as a diversified company and is Guam’s largest affordable housing developer, non-bank financing firm, property management firm and contracting company. CTI was instrumental in helping the local government access the Low Income Housing Tax Credit (LIHTC) program for the first time in 2005, and continues its efforts to bring outside resources to Guam.

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CBO Financial is proud to have taken a leadership role in funding this worthy project, which is the first New Markets Tax Credit transaction on the island of Guam.

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