New Markets Tax Credit Case Study for Williams Adult Day Center
September 13, 2023
Community Facility in Winston-Salem, NCThe ProjectFocusing on the establishment of an intergenerational share site of child and elderly care, Senior Services transformed the Williams Adult Day Center (ADC) into a 60,000 square foot community facility, introducing several valuable additions. This expansion housed a new head start program and preschool learning center, providing services to 150 students. In addition to serving children, the project will provide essential daycare and health services to more than 250 adults. The community facility provides comprehensive care for individuals in need through various therapeutic services, including physical therapy, occupational therapy and stroke therapy. The provision of lunch programs with daily visitors and access to music and dance therapy will further enhance their well-being and quality of life This project also established a partnership with a historically black college and university (HBCU), Winston-Salem State University, that will allow professors and students to offer services to senior citizens. This project includes additional programming designs to address specific community needs, such as the Hispanic Alliance’s Hispanic community outreach program and the Second Harvest Food Bank’s operation of a small retail café focused on healthy living and nutrition. Empowering and Supporting the CommunityMany of the senior citizens and children of the Boston Thurmond Community (BTC) would benefit from the expansion. BTC is a purpose-built community with specific priorities, and this project directly addresses two of them. Firstly, BTC recognizes the significance of neighborhood-serving early childcare options. This project provides a head start program and pre-kindergarten learning center. Secondly, BTC emphasizes health and wellness with a goal to provide a mix of facilities, programs and services that promote healthy lifestyles directly supporting this priority.” With these services, over 20,000 recipients will benefit annually. Community Financing and ImpactsWith a total project cost of $22,396,198, Senior Services received $12,500,000 in NMTC Allocation from CAHEC, $5,000,000 from CCG and $3,000,000 from Truist, totaling $20,500,000 in federal NMTC allocation. Moreover, a capital campaign bridge loan of $10,062,963 was provided by the Reinvestment Fund in the final hours to serve as the leverage in this transaction, bringing an additional $6,156,150 in equity to the sponsor in pursuit of completing this world-class project. |
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