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$23 Million in New Markets Tax Credit Financing

Volunteers of America
Greater New York

Social Service Programs that Support and Empower Those in Need

Volunteers of America Greater New York Community Development

Volunteers of America is dedicated to helping those in need through social service programs that support and empower them to live safe, healthy and productive lives.

Founded in 1896, Volunteers of America (VOA) provides help to those in need while creating opportunities for people to serve others nationwide. Through their thousands of human service programs, including housing and healthcare, VOA helps more than 2 million people in over 400 communities in 46 states as well as the District of Columbia and Puerto Rico.

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VOA is to be one of the world’s largest and most comprehensive nonprofit human services organizations, with 54 affiliates in 300 cities across the country. As an affiliated nonprofit agency of VOA, Volunteers of America - Greater New York, Inc. (VOA-GNY) is is dedicated to restoring hope, dignity and self-reliance to individuals and families in need.

Founded in New York City more than 100 years ago, VOA-GNY provides help to those in need while creating opportunities for people to serve others. They currently operate over 80 in the metropolitan New York area, Northern New Jersey and Connecticut. Services range from transitional shelters for families and individuals who are homeless to schools for children with developmental delays; from group homes for youth to in-home services for older adults trying to avoid institutionalization.

Bronx Early Learning Center

Programs for preschoolers with developmental delays in the Bronx are in very high demand. Many of the children come to the center unable to speak or walk, capable of performing very few activities typical for children their age. Two-thirds of the 260 children attending the Bronx Early Learning Center have developmental delays associated with autism, Down syndrome, attention deficit disorder and neurological and emotional issues, some associated with lead poisoning and fetal alcohol syndrome.

The existing Bronx school was in a leased building that was overcrowded. In 2006, CBO Financial created the financing plan to relocate the school into a building owned by VOA-GNY to house an expanded program in better-suited, customized facilities. CBO secured $15 million in NMTC allocation and senior financing for the new campus, which is located in a severely distressed area with a 50% poverty rate.

The Bronx Early Learning Center in its new home now prepares hundreds of preschoolers for success in kindergarten while helping to revitalize a blighted community. After graduating from the program, children leave transformed. Not just walking, but running; not just talking, but interacting in meaningful ways; and not just feeding themselves and putting on their own coats, but helping other children with theirs.

Liberty House

Volunteers of America offers a safe refuge for families and individuals recovering from domestic violence. In 2008, VOA-GNY approachedCBO once again for project financing help, which resulted in $8 million in NMTC allocations and senior financing to fund the construction of a new domestic violence shelter in New York City. The 63-bed shelter, located in an extensively renovated circa-1920s building in Harlem, offers medical and mental health services, crisis intervention, job and housing assistance, and legal advocacy.

The children benefit from interventions appropriate for their age and specific situations. Both children and adults are taught the skills they need to recognize, avoid and respond to violence.

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Because of CBO’s successful ongoing partnership with VOA-GNY, our relationship with VOA affiliate agencies has expanded to include Volunteers of America-Chesapeake (VOAC) and also Volunteers of America National Services (VOANS). CBO is currently working closely with both organizations to secure project financing for a variety of projects through our NMTC placement services program.

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