$70M

NMTC
allocation

AWARDED TO

CSCDC IN 2016

Lao Family Community Development

Lao Family Community Development

The California Statewide Communities Development Corporation (CSCDC) has provided $13,430,000 of New Markets Tax Credit (NMTC) allocation to Lao Family Community Development (LFCD) to finance its new CARE Center, the rehabilitation of a 30,000 sq. ft. building located in East Oakland, California that will serve as its new headquarters as well as a multi-service community facility.
 
LFCD is a nonprofit organization founded in 1980 whose mission is to build healthy communities by empowering vulnerable low-income refugees, immigrants, public assistance recipients, youth, seniors, and high barrier unemployed individuals and families to achieve self-sufficiency. LFCD has 10 locations in three counties and each year, LFCD delivers asset development, financial education, employment services and family support to over 15,000 immigrants, refugees, and low-income U.S. nationals in over 20 languages.
 
CSCDC partnered with JPMorgan Chase to provide $13,430,000 in NMTC funding to finance the CARE Center. Other financing sources included: a loan from Clearinghouse CDFI; a California State Parks Prop 84 grant; and other capital campaign proceeds.  The Center will include LFCD’s administrative offices and conference rooms, from which it will carry out its wide array of programs and services for low-income individuals including financial literacy, adult and youth education, employment and career services, healthcare access, income and asset development opportunities, and immigration and transitional services. The CARE Center will include a senior center with indoor community space, individual counseling offices, and an outdoor patio and therapy garden. The CARE Center’s youth services space will include a dance studio, indoor space for after-school programs, computer lab, and an outdoor active space with basketball court.
 
An additional 18,000 sq. ft. in the CARE Center will be available for lease to locally-owned businesses and nonprofit organizations. The leased spaces will include a café, a commercial catering kitchen, and co-working and individual office spaces for local small businesses, nonprofit organizations and entrepreneurs.
 
The CARE Center will allow LFCD to serve an estimated 10,000 additional people (an increase of 100%) in Oakland. Nearly 100% of the clients that LFCD serves are low-income individuals. The rehabilitation of the building is expected to result in 45 construction jobs, and the new CARE Center is expected to create 47 new permanent jobs.

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California State Association of Counties   League of California Cities