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CSCDA/CSCDC Announces $10.5 Million in New Markets Tax Credit Financing for Big Brothers and Big Sisters of Orange County

League-Sponsored Program Finances Building to Help Increase Services to 10,000 Children

October 10, 2014
The California Statewide Communities Development Corporation (CSCDC) has provided $10.5 million of New Markets Tax Credit (NMTC) allocation to Big Brothers Big Sisters of Orange County to finance the purchase and renovation of a 52,565-square-foot office building in Santa Ana.
 
Founded in 1958, Big Brothers Big Sisters of Orange County serves over 2,500 children in Orange County and the Inland Empire with the support of more than 1,600 volunteers through community and school-based mentoring programs.

CSCDC has partnered with U.S. Bancorp Community Development Corporation to provide $3.5 million in equity raised from NMTCs. That support will enable Big Brothers Big Sisters of Orange County to purchase and renovate a new headquarters building in Santa Ana to create space for program expansion and increased volunteer participation. 
 
This will allow Big Brothers Big Sisters of Orange County to expand services to as many as 10,000 children in the surrounding communities, through the participation of thousands of adult volunteers. Rehabilitation of the building will result in 21 temporary construction jobs. Once completed, 29 permanent, full-time-equivalent jobs will be created by Big Brothers Big Sisters of Orange County in the next seven years.
 
CSCDC was created as an affiliate community development entity by the California Statewide Communities Development Authority (CSCDA) to facilitate investment in low income communities through the use of NMTC. CSCDA is a joint powers authority conduit bond issuer created in 1988 by the League of California Cities and California State Association of Counties and comprises over 500 cities, counties and special districts throughout the State.  CSCDA’s mission is to provide local governments and private entities access to low-cost, tax-exempt financing for projects that provide a tangible public benefit, contribute to social and economic growth and improve the overall quality of life in local communities throughout California.
 
For more information on CSCDA or the NMTC program, please contact Scott Carper at scarper@cscda.org.


 
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