LISC Provides $5 Million in NMTC to DeLaSalle Education Center
Gap Funding Ensures Critical Project
KANSAS CITY, Mo. (September 10, 2012) — Greater Kansas City LISC announces that it has provided a $5 million allocation of New Markets Tax Credits (NMTC) to DeLaSalle Education Center to fill the gap in funding for a new building on its campus, named the Norman O. Sanders wing in recognition of the school’s co-founder as well as help pay for environmental upgrades to DeLaSalle’s current facility.
The NMTC allocation is generating $1,140,000 in funds for DeLaSalle to help cover the total project cost of approximately $10 million. The credits were purchased by UMB.
The impact of LISC’s role will directly result in 12.5 new jobs, including teaching positions, and expand enrollment by 80 students to 240, reducing De La Salle’s waiting list at the charter school.
“To achieve its mission, DeLaSalle Education Center depends on community support and LISC has stepped up in a big way,” said Mark Williamson, Executive Director of DeLaSalle. “The New Markets Tax Credit allocation provided by LISC represents a significant contribution to the project which includes the addition of 18,000 square feet of programming space and substantial upgrades to the existing building.”
DeLaSalle is located in an area adjacent to Ivanhoe, a LISC NeighborhoodsNOW community, and serves many students who live in NeighborhoodsNOW target areas. It meets LISC’s mission to revitalize struggling urban neighborhoods by improving the Troost Corridor through the renovation of its existing structure, the construction of its facility expansion, the creation of a campus-like environment, and the addition of multi-use green space along Troost from Manheim Avenue to East 37th Street and back to Forest Avenue. The new large, indoor and outdoor multi-purpose building will house a library, child care center, and classrooms.
“We are pleased to play an important role in the expansion of DeLaSalle, which helps address a priority for Greater Kansas City LISC to improve access to quality education and jumpstart urban core development. The New Markets Tax Credits make it possible for more children to attend the charter school and at the same time reward donors for their support,” said Julie Porter, Executive Director of Greater Kansas City LISC.
Part of the new land area for the expansion is a brownfields site and requires remediation. The project addresses several environmental considerations: •Replace inefficient HVAC units in the existing building with efficient units with separate controls that maintain temp in small areas rather than heating/cooling parts of the building when they are not in use •Install energy efficient roof and repair/seal the windows in the existing building •Install energy efficient HVAC units and windows in the new building
LISC’s New Markets Tax Credit (NMTC) activities stimulate the investment of private capital in the distressed communities that LISC serves. This is the second major NMTC allocation by LISC in Kansas City. In 2010, LISC injected $14.1 million in New Markets Tax Credits into the Children’s Campus of Kansas City (CCKC), enabling the completion of the project. at 5th Street and Minnesota Avenue in Kansas City, Kan. It was the first major center for young children built in Wyandotte County in decades.
The New Markets Tax Credit program was created in 2000 and is managed by the Community Development Financial Institutions Fund (CDFI Fund), which is part of the Treasury Department. New Markets Tax Credits offer taxpayers a credit against federal income taxes in return for equity investments in designated community development entities.
LISC has the nation's largest allocation of New Markets Tax Credits. In just over a decade, the national nonprofit has used $630 million of that allocation to support projects that have created more than 17,000 jobs in communities across the country. LISC uses New Markets Tax Credits to support retail developments, community health centers, public charter schools, arts and entertainment facilities, industrial and office space, child care centers, athletic fields and other facilities in low-income communities.
“We have very competitive lending programs and LISC is always looking for worthy projects to support, whether through New Markets Tax Credits or another funding mechanism,” said Chris Vukas, Greater Kansas City LISC Senior Program Officer for Lending. Organizations interested in learning more about New Markets Tax Credits should contact Vukas.
About LISC Greater Kansas City LISC is the local site for Local Initiatives Support Corporation (LISC), the nation's largest community development organization. Greater Kansas City LISC supports redevelopment in more than 100 square miles of Kansas City metro area neighborhoods and helps transform them into healthy, sustainable communities in partnership with their residents. Since 1981, Greater Kansas City LISC has invested more than $137 million into urban-core neighborhoods on both sides of the state line, which has leveraged $609 million in total development. This investment has created 942,435 square feet of community facilities and sports fields; 5,872 new and rehabbed homes and apartments; 5,342 minor home repairs; and over1.4 million square feet of retail and commercial space. For more information about Greater Kansas City LISC, go to www.lisc.org/kansascity.
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