Success Stories

Volunteers of America-Greater New York, Inc.

Business Need

In 2006, the Volunteers of America (VOA) established the Bronx Early Learning Center. At the Center, the VOA provides early childhood educational services to 260 pre-kindergarten children at no cost to their families. Two-thirds of the students have developmental delays, neurological problems, and emotional issues. At about 40%, the poverty rate in the community served by the Bronx Early Learning Center is the highest in New York City. In order to help with financing, the Center took out a New Markets Tax Credit (NMTC). The terms of the NMTC financing were set to expire and VOA had to either fully repay or refinance in order to remain in operation.

Solution

The VOA approached Build NYC (a part of NYCEDC), who was able to authorize a refinancing. By securing this funding, the Bronx Early Learning Center can continue providing assistance and programs to the children of one of the neediest areas of New York City.