CRF in the news

April 11, 2014

Educational Alliance Ribbon Cutting

Yesterday, I was thrilled to attend the ribbon cutting ceremony for Educational Alliance's Manny Cantor Center on the Lower East Side of New York City. Community Reinvestment Fund, USA (CRF) helped finance the complete renovation of the 100+ year-old building that houses the community center using the New Markets Tax Credit (NMTC) program.

Educational Alliance has been serving more than 50,000 New Yorkers annually, 85% of them low-income, and the newly-renovated space means expansion of programs and critical services for toddlers, teens, young adults, and older adults of all backgrounds. In addition to expansion of services, the center expects to add at least 40 new full-time and 15 part-time living wage jobs for new teachers, fitness professionals, maintenance workers and security professionals.

We are proud to have partnered with Consortium America, Goldman Sachs, Dudley Ventures, and MBS Urban Initiatives to provide NMTC financing for this project, which will clearly improve so many lives in one of the largest and most densely populated districts in the city.

Because of support and partnership, CRF is able to finance high impact projects such as this. We are truly grateful.

Written by: Frank Altman, President and CEO

Posted by: CRFUSA

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