Boys & Girls Clubs of San Francisco harnesses benefits of New Markets
Tax Credit financing to build new Don Fisher Clubhouse in the Western
SAN FRANCISCO--(BUSINESS WIRE)--Jul. 18, 2013--
Bank announced today it has committed nearly $25 million of
financing to help the Boys
& Girls Clubs of San Francisco (BGCSF) build a new Clubhouse and
administrative headquarters in the Western Addition. Opening in November
2014, the Don Fisher Clubhouse will allow the BGCSF to better serve
youth in the city’s Western Addition, Lower Haight, and Hayes Valley
“Boys & Girls Clubs of San Francisco inspires and enables young people,
especially those from disadvantaged circumstances, to realize their full
potential as productive, responsible and caring citizens,” said Michael
Walker, market president for U.S. Bank. “Providing financing for an
organization that prepares youth for the future offers a great return on
investment in our mind.”
U.S. Bank’s commitment includes a $14.5 million capital campaign bridge
loan and a $10.2 million New Markets Tax Credit (NMTC) equity commitment
made possible through a partnership with Opportunity
Francisco Community Investment Fund, and USBCDE, U.S. Bank’s
community development entity (CDE). Harnessing the power of NMTCs, the
CDEs used U.S. Bank’s investment and leveraged other financial sources
to provide patient, low-cost capital to BGCSF.
“We’re pleased to provide New Markets Tax Credits funding support for
our second project with Boys & Girls Clubs of San Francisco and the
youth they serve,” said Jeff Wells, director of New Markets for
Opportunity Fund. “All Californians deserve access to safe, affordable
services that make our communities stronger. Building a new Clubhouse in
the Western Addition will help BGCSF better serve the youth who need it
The Don Fisher Clubhouse will replace BGCSF’s existing Ernest Ingold
Clubhouse in the Upper Haight neighborhood, which was built in 1952. The
new Clubhouse is within walking distance of 6,500 youth, many of whom
currently travel long distances to the outdated Ernest Ingold facility.
“This new Clubhouse will serve over 190 youth each day and over 2,000
annually. The Club will be open year-round: every day after school and
all-day in the summer months and during school breaks,” said Rob
Connolly, president of Boys & Girls Clubs of San Francisco.
For an annual membership fee of just $10, youth ages 6-18 will have
access to a competition-size pool, gym, a learning center, art studio,
general recreation and dedicated space for high schoolers and middle
schoolers. The new facility will also be home to BGCSF’s administrative
headquarters, supporting nine other Clubhouses and Camp Mendocino, the
Club’s residential summer camp in Mendocino County.
“BGCSF’s programming impacts the lives of young people by helping them
to develop the values, skills, attitudes, character and behavior that
enable them to succeed in life,” said Brian Strong, president of the San
Francisco Community Investment Fund. “By combining the strength of the
City with the flexibility and resources of the private sector, we’re
helping expand the reach of BGCSF’s work. We’re proud to help make this
project a reality.”
Over the last decade, BGCSF has engaged in a campaign to build three
Clubhouses in San Francisco and significantly rebuild Camp Mendocino.
The Don Fisher Clubhouse is the last major project in that campaign, and
will require the Club’s Board and president to raise $12 million from
the philanthropic community to complete.
About Boys & Girls Clubs of San Francisco
1891 as the San Francisco Boys Club on Harrison Street, Boys & Girls
Clubs of San Francisco is one of the storied Boys & Girls Club
organizations in the nation. BGCSF holds the unique distinction as being
two of the original 53 Boys & Girls Clubs that founded the national
organization, Boys & Girls Clubs of America, in 1906. These two
organizations merged into one in 2001 and have won numerous national and
local awards in the past seven years. The Club is seen as a leader in
the youth development field, and reaches over 16,000 youth annually,
serving over 1,200 on average each day.
About Opportunity Fund
Opportunity Fund is a not-for-profit
social enterprise helping thousands of California families build
financial stability. Our strategy combines microloans for small
businesses, microsavings accounts, and community real estate financing.
We have received $170 million in New Markets Tax Credits. Now
California's leading microfinance provider, Opportunity Fund began based
on the idea that small amounts of money and financial advice could help
people make permanent and lasting change to improve their own lives.
Since making our first loan in 1995, our team has deployed $280 million
into our communities.
About San Francisco Community Investment Fund
Community Investment Fund (SFCIF) was created by the City and County of
San Francisco to help secure New Markets Tax Credit financing for high
impact projects in the City’s highly distressed communities. The City
uses NMTC and SFCIF to enhance and leverage its resources to
significantly increase the level of economic development in San
Francisco’s low-income communities. SFCIF is spearheaded by the City’s
departments that focus on assisting San Francisco’s highly distressed
low-income communities through assessing needs, providing flexible
capital, and creating quality jobs.
About U.S. Bancorp Community Development Corporation
more than $10.9 billion in assets as of March 31, 2013, U.S. Bancorp
Community Development Corporation, a subsidiary of U.S. Bank, provides
innovative financing solutions for community development projects across
the country using state and federally sponsored tax credit programs.
USBCDC's commitments provide capital investment to areas that need it
the most and have contributed to the creation of new jobs, the
rehabilitation of historic buildings, the construction of needed
affordable and market-rate homes, the development of renewable energy
facilities, and the generation of commercial economic activity in
underserved communities. Visit USBCDC on the web at www.usbank.com/cdc.
About U.S. Bank
U.S. Bancorp (NYSE: USB), with $353 billion
in assets as of June 30, 2013, is the parent company of U.S. Bank, the
5th largest commercial bank in the United States. Celebrating its 150th
anniversary this year, the company operates 3,087 banking offices in 25
states and 5,032 ATMs and provides a comprehensive line of banking,
brokerage, insurance, investment, mortgage, trust and payment services
products to consumers, businesses and institutions. Visit U.S. Bancorp
on the web at www.usbank.com.
Source: U.S. Bancorp
Teri Charest, U.S. Bank Corporate Public Relations
(612) 303-0732, firstname.lastname@example.org