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$36 Million in New Markets Tax Credit Financing

Volunteers of America
National Services

Developing Affordable Housing For Low-Income Families, the Elderly, and People With Disabilities

Volunteers of America National Services Community Development

Founded in 1896, Volunteers of America (VOA) is a national, nonprofit, faith-based organization dedicated to helping people in need rebuild their lives and reach their full potential. VOA supports and empowers America’s most vulnerable groups, including at-risk youth, the elderly, men and women returning from prison, homeless individuals and families, people with disabilities, and those recovering from addictions. In 2009, these services helped more than two million people.

voans-volunteers-of-america-national-service-PACE-centers-low-income--NMTC-2-300x200-300x200

Volunteers of America National Services (VOANS) is division of VOA responsible for the development and management of VOA’s housing and healthcare programs. VOANS is the nation’s largest nonprofit developer of affordable housing for low-income families, the elderly, and people with disabilities. The organization is also a major operator of nursing facilities, assisted-living complexes and medical clinics.

VOANS has developed and continues to manage and operate 225 properties comprising more than 11,000 units, all programs predominately serve low-income individuals who are also typically welfare and Medicaid recipients. Several of the facilities owned by VOANS have been singled out as models for the assisted living industry by federal, state, and local officials. NMTCs make innovative financing products possible.

In 2010, VOANS engaged CBO Financial to assist them in the development of a competitive New Markets Tax Credit application. The purpose of the federal New Markets Tax Credit (NMTC) program is to stimulate new investment in low income and oftentimes severely distressed communities that would not otherwise occur.

CBO Financial assisted VOANS with establishing and certifying a Community Development Entity, VOANS CDE, and authored their 2010 NMTC application. In February, 2011, VOANS CDE was awarded $35 million in NMTC allocation. The NMTC allocation will enable VOANS to provide innovative financing products to their affiliated social service agencies for the first time.

VOANS continues to engage CBO Financial’s support in starting up and refining NMTC operations, training staff on the NMTC program and reporting requirements, as well as determining the most effective financing products and options to implement in the deployment of the $35 million NMTC allocation.

The VOANS pipeline of projects, serving low-income persons and communities nationwide, has been generated through years of effort and ongoing success in achieving meaningful results in three priority areas:

PACE Centers: Program for All-Inclusive Care for the Elderly (PACE) centers are non-profit senior community care centers that will offer an innovative option for senior citizens to obtain a nursing home style of care and services while still being able to remain living in their own homes within their community.

Housing for the Disadvantaged: Approximately 4,000 units of supportive housing projects that will focus on assisting those with special needs, including veterans, homeless, former offenders, those dealing with substance abuse and developmental disabilities - each includes an active social services repertoire.

Social Services Facilities that support low-income residents and communities: Funding for the renovation, expansion, or new construction of over 21 social-service programs that include child care centers, veteran service centers, alcohol/drug treatment programs, domestic violence centers, transitional housing for homeless families, and employment training and education centers.

VOANS Updated 12-4-19

“CBO Financial provided tremendous support and leadership in the submission of a successful NMTC application for Volunteers of America. They guided us each step of the way, providing thoughtful and timely expert advice as the organization developed the application. We look forward to working closely with them as we begin the operations of the CDE and start to close transactions.”

Robert Gibson
VP Housing OPS & Finance
VOANS

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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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