Gala Celebration on Oct. 25th Expected to
Raise $450,000 in Support of Programming in addition to having initiated
a $4M dollar campaign to sustain programs over time
WASHINGTON, Oct 25, 2011 (BUSINESS WIRE) --
Center, a healthcare provider to the uninsured and underinsured in
Washington, D.C., today announced that U.S. Bank, lead bank of U.S.
Bancorp (NYSE: USB), is sponsoring the organization's annual Noche
Tropical sold-out gala event on Tuesday evening, October 25, which
celebrates Mary's Center 23 year legacy and raises funds to expand its
programming and reach within the community.
Recently, U.S. Bank provided $5.5 million in financing to support the
organization's acquisition and expansion of existing facilities on 2333
Ontario Road, N.W., and for construction of a new clinic at 3912 Georgia
"With the $20 million expansion and renovation project, Mary Center
expects to go from 19,000 to 24,000 participants served by the end of
2011," stated David Tatro, chief operations officer at Mary's Center.
"Also, the number of our employees increased to nearly 270, who speak
more than 35 different languages."
The public-private expansion project was made possible through the use
of the federal New Markets Tax Credit (NMTC) Program, which encourages
the investment of private capital into designated low income communities
to spur community and economic revitalization. U.S.
Bancorp Community Development Corporation (USBCDC), (USBCDC, a
subsidiary of U.S. Bank, served as NMTC equity investor, purchasing tax
credits from an affiliate of City First Bank of DC called City First New
Markets Fund II LLC, which committed $20 million in NMTC allocation
authority to the project. USBCDC and City First Bank first teamed up in
2005 to finance the renovation of the Atlas Performing Arts Center on H
Street NE and have since collaborated to support the construction of
Habitat for Humanity homes in D.C. and in other cities including
Charlottesville, Baltimore and Philadelphia, the mixed use development
of Park Triangle in Columbia Heights, and the expansion of Bread for the
City's clinic and facility in Shaw.
NMTC financing allowed Mary's Center to upgrade its 2333 Ontario Road
complex, which has served the area's low income residents for the past
17 years. The three buildings in the complex include its headquarters
and community health center facilities located in two adjacent buildings
at 1707-1711 Kalorama Road, N.W. In addition, Mary's Center also
acquired a 26,000 square foot facility at 3912 Georgia Avenue, N.W. that
is now being used as a second clinic, and as a charter school operated
by Education Strengthens Families Public Charter School. The new
facilities created approximately 50 permanent jobs in healthcare and
over 500 temporary construction related jobs in an area that is
considered highly distressed according to Tatro.
"The expansion of Mary's Center furthers the goal of the NMTC Program to
provide financing for projects that can make a difference in underserved
areas while creating much needed jobs and serving as a catalyst for
future development," said Jennifer Westerbeck, assistant vice president
of U.S. Bancorp Community Development Corporation. "We are very much
behind Mary's Center and are proud to sponsor tonight's gala event in
support of the organization's continued success."
Maria Gomez, president and CEO of Mary's Center said, "It's wonderful to
see the efforts of so many come together to provide quality, affordable,
health care for the most vulnerable in our community. By working
together, we help members of all communities be their own advocates and
produce generations of leaders ready to contribute to their community's
growth and well-being."
Gomez noted that almost 90% of Mary's Center patients are under 100% of
the federal poverty level and approximately 30% have no medical
insurance coverage. Compared to other Federally Qualified Health
Centers, Mary's Center takes care of a higher percentage of uninsured
patients and a higher percentage of patients overall who live in
poverty, but performs better than other FQHC's on standard measurements
of quality and is among the most cost-efficient of FQHC's in the country.
About Mary's Center
Centeris a Federally Qualified Healthcare Center founded in
1988, that provides comprehensive and integrated services to more than
24,000 individuals and families whose needs too often go unmet by the
public and private systems. The mission of Mary's Center is to build
better futures through delivery of health care, education and social
services. Mary's Center saves lives and creates stronger communities,
one family at a time. www.maryscenter.org.
About City First
First Bank of DC is a nationally chartered commercial bank with a
mission to provide financial and other services in low to moderate
income communities. With assets of $157 million, loans of $110 million,
and deposits of $120 million, the bank targets neighborhoods east of
16th Street including far SE and NE Washington and other economically
challenged suburban communities. Last year, in excess of $25 million in
loans were originated, 100% of which was for development in low and
moderate income neighborhoods. City First has been certified as a
Community Development Financial Institution by the CDFI Fund of the US
Department of Treasury and has won four rounds of authority under the
New Markets Tax Credit Program totaling $300 million. City First
operates its sole branch at 1432 U Street, NW, Washington, DC.
About U.S. Bancorp Community Development
Corporation and U.S. Bank
U.S. Bancorp Community
Development Corporation 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. USBCDC is a subsidiary of U.S. Bank, the 5th largest commercial
bank in the United States, whose parent company is U.S. Bancorp (NYSE:
USB). 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