Jim Wiley Community Center Revitalization Underway with Capital from Enterprise Community Investment
New Markets Tax Credit Program Extended Through 2008
Columbia, Md. (January 4, 2007) – The Jim Wiley Community Center, part of the Greenbridge HOPE VI redevelopment in White Center, Washington, is undergoing significant revitalization made possible with capital from Enterprise through the New Markets Tax Credit (NMTC) program. Enterprise partnered with the Greenbridge Foundation, King County Housing Authority, and Washington Mutual Community Development, Inc. in an $11.5 million NMTC transaction that financed the acquisition and renovation of the community center, originally built in 1979.
The New Markets Tax Credit program, with a goal of attracting capital to economic development activities in low income communities, was set to expire after the fifth round of allocations in 2007. Given the success of the program to date, Congress recently extended the program through 2008. Enterprise, the largest cumulative allocatee of NMTC in the nation, brings 25 years of real estate finance expertise and a full range of community development products and services to help revitalize and sustain communities nationwide.
“The Jim Wiley Center is another strong example of how Enterprise uses the NMTC program to benefit communities,” said Joe Wesolowski, senior vice president. “Our expertise investing in and managing New Markets Tax Credit projects is well-established and making a real difference in communities like Greenbridge,” Wesolowski said.
The revitalized Jim Wiley Community Center will create an attractive and lively meeting place for residents of Greenbridge, an innovative master-planned community located in White Center that will provide approximately 1,000 rent-subsidized, workforce rental and for-sale homes, parks and trails, and shops and services to a mix of households with very-low to moderate-incomes on the site where a public housing complex once stood. The community center will eventually serve an estimated 3,500 residents, providing space for Southwest King County Boys and Girls Club, Highline Community College, and Neighborhood House – a nonprofit organization that provides tutoring, ESL, job training, case management and other services to low-income people. An adjacent outdoor plaza will offer a central gathering place and location for outdoor events and entertainment.
“The Authority was very pleased to partner with Enterprise on this project,” said King County Housing Authority Executive Director Stephen Norman. “The tax credits provide a crucial piece of the financing that has enabled this critically needed vision to become a reality.”
“New Markets Tax Credits are a key piece of the financing for this deal, and many others like it across the country,” Wesolowski said. “We’re very pleased that Congress extended the program through 2008. We look forward to more NMTC investments that enhance communities, bring jobs and help improve the quality of life for people in low-income communities.”
Enterprise Community Investment, Inc. (Enterprise) is a leading provider of the development capital and expertise it takes to create decent, affordable homes and rebuild communities. Enterprise leverages low-income housing, new markets and historic rehabilitation tax credits, short- and long-term debt, and development services to capitalize projects that make a catalytic difference in communities. For over two decades, Enterprise has privately raised $7 billion in capital to finance affordable housing, create vital communities and help transform the lives of low-income Americans, particularly those at the lowest end of the economic scale. Currently, Enterprise is investing in communities at a rate of $1 billion a year. Visit www.enterprisecommunity.com to learn more about Enterprise's efforts to build communities and opportunity.
King County Housing Authority (KCHA) administers a range of quality affordable rental and homeownership programs for residents of King County. The Authority serves more than 17,000 households on a daily basis, including families, elderly and disabled individuals.
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