Teams with City and United Fund Advisors to make Blanchet House a
PORTLAND, Ore., Sep 15, 2011 (BUSINESS WIRE) --
Bank (NYSE: USB), the City
of Portland, and United
Fund Advisors announced today that financing is in place for the
construction of Blanchet House of Hospitality's new $13 million facility
in Old Town Chinatown. An official construction kick-off was held today
at NW Third Ave. and Glisan St., during which time U.S. Bank also
announced a commitment pledge for $25,000 for the new building's rain
water collection system, one of its many sustainability features.
Blanchet House is a non-profit social services charity that has served
Portland's homeless and working poor for nearly 60 years, providing
food, clothing and shelter for people in need. Food is offered to all
who may need it, and housing is offered to those who qualify and who are
committed to improving their lives. Blanchet's current facility at NW
Fourth and Glisan is over 100 years old and fading fast.
"We're proud to help Blanchet House with this exciting project," said
Malia Wasson, president of U.S. Bank in Oregon and S.W. Washington. "The
combination of traditional bank financing with tax credit equity through
our community development corporation was key to getting this deal done."
U.S. Bank provided $3.7 million in commercial loans and U.S. Bancorp
Community Development Corporation, a wholly-owned subsidiary of U.S.
Bank, committed more than $3.6 million of New Markets Tax Credit equity
in partnership with National Community Fund I, LLC, a subsidiary of
United Fund Advisors. The Portland Housing Bureau funded another $4
million in grants and provided additional support. Blanchet House is
raising the balance of the funds and is well on the way to success with
a capital campaign.
"Blanchet House is an outstanding organization and neighbor of ours that
has been in need of a new facility for many years," said Chris Hasle,
Principal of United Fund Advisors. "We are extremely pleased to provide
NMTC financing and enable Blanchet House to significantly expand its
services to Portland's homeless."
In 2009, Blanchet reached an agreement with the City of Portland to
construct a new building on city-owned land at the corner of NW Third
and Glisan in exchange for an option on Blanchet's current property,
which is located on the same block. Blanchet will be able to continue to
provide services to guests at its current location while the new
building is under construction.
The new LEED Gold four-story 36,410 square is expected to open in fall
of 2012. Its first floor will include office space, a new kitchen,
dining area, a library, and rooms for health and social services; and
there will be housing on the three upper floors.
Blanchet House director Brian Ferschweiler said, "We're blessed with
this new building. The current building is over 100 years old and has
deteriorated significantly over time. We'll be able to serve people
efficiently and there will be more room for our volunteers and guests.
Right now, the space is very cramped. In addition we'll be able to
provide an indoor waiting area so that guests won't have to wait outside
in the elements for a hot meal."
Blanchet currently serves between 700-900 free meals per day to the
homeless, low income and working poor of inner northwest Portland. The
individuals living at the Blanchet, along with community volunteers,
help prepare and serve the meals. Blanchet welcomes everyone without
regard to race, color or creed. A network of donors provides the vast
majority of the food required for the no-cost meals.
"The City of Portland is proud to partner with U.S. Bank to invest in
the new facility. When complete, the new building will double Blanchet's
ability to serve meals and provide housing for people who are working to
improve their lives," says Housing Commissioner Nick Fish. "Our
investment in the Blanchet House gives us a triple dividend: the project
is expected to create 150 construction jobs and nearly 50 new permanent
jobs, it will develop a new urban-form building in Old Town Chinatown,
and increase the city's capacity to serve the most vulnerable."
About Blanchet House of Hospitality
Blanchet House of Hospitality is a non-profit 501(c)3 organization that
has been serving Portland since 1952. Located at the corner of NW 4th
and Glisan, Blanchet provides food, clothing and shelter to those in
need in our community.
About National Community Fund I, Portland Family of Funds, and United
National Community Fund I, LLC, is a certified community development
entity which has received a total of $252 million of New Markets Tax
Credit allocation since 2007. Portland Family of Funds Holdings, Inc. is
NCF's controlling entity and United Fund Advisors serves as its
financial advisor. The affiliated Portland, Oregon-based companies are
triple bottom line mission firms which create profitable investments
that provide financial, social and environmental returns. For more
information, please visit www.portlandfunds.com
Portland Family of Funds is a mutual benefit corporation formed to
undertake economic development activities. PFF is the manager of
Portland New Markets Fund I, which received a $100 million NMTC
allocation in 2004. For further information, visit www.portlandfunds.com.
UFA is a fund manager and financial services company that provides
tax-advantaged investment capital and advisory services for community
development and renewable energy projects throughout the country. With
over $500 million of assets under management, all of UFA's investments
and services are driven by its triple bottom line mission "to create
opportunities for profitable investments which enhance social and
environmental yields." Nearly all of UFA's products and services involve
syndication of tax credits and benefits, including NMTCs, Renewable
Energy Investment Tax Credits, Historic Rehabilitation Tax Credits, and
other federal and state tax credits and benefits. Across the country,
UFA and its affiliates have financed over 80 projects and businesses
with total development costs exceeding $2.3 billion. For further
information, visit www.unitedfundadvisors.com.
About the Portland Housing Bureau
The mission of the Portland Housing Bureau is to meet the unmet housing
needs of the people of Portland. Visit http://www.portlandoregon.gov/PHB
to learn more.
About U.S. Bank and U.S. Bancorp Community Development Corporation
With $321 billion in assets as of June 30, 2011, U.S. Bancorp is the
parent company of U.S. Bank, the fifth-largest commercial bank in the
United States. The company operates 3,086 banking offices and 5,086 ATMs
in 25 states and provides a comprehensive line of banking, brokerage,
insurance, investment, mortgage, trust and payment services products to
consumers, businesses and institutions. U.S. Bancorp and its employees
are dedicated to improving the communities they serve, for which the
company earned the 2011 Spirit of America Award, the highest honor
bestowed on a company by United Way.
U.S. Bancorp Community Development Corporation, a wholly-owned
subsidiary of U.S. Bank, finances community development and affordable
housing projects through the use of New Markets Tax Credits, Historic
Tax Credits, Affordable Housing Tax Credits, and Investment Tax Credits
in Renewable Energy. USBCDC is the largest New Markets Tax Credit
investor in the country, investing billions of dollars nationwide in
hundreds of transactions. These equity investments have provided much
needed revitalization and new resources to communities throughout the
country. Visit U.S. Bancorp on the web at www.usbank.com.
SOURCE: U.S. Bank
U.S. Bank Media Relations
Lisa H. Clark, 608-877-7517