July 27, 2012

Los Angeles Dream Center to Expand With $16 M NNMF NMTC Allocation

The Los Angeles Dream Center, a volunteer-driven organization that provides vital support services to more than 50, 000 people in need each month, has secured $49.7 million in New Markets Tax Credit (NMTC) allocation to complete its transformation of the former Queen of Angels Hospital Campus.  The allocation included $16.3 million from National New Markets Fund (NNMF).

“The Dream Center facility expansion is precisely in line with the goal of the NMTC program, which is to provide services and economic opportunity to those most in need,” said Deborah La Franchi, president of National New Markets Fund – the first NMTC lender to commit to the project.

The funding, a net benefit of $10.3 million, will enable The Dream Center to turn currently unused space in its 400,000 sq. ft. facility into housing, increasing its total number of residents (impoverished families, at-risk youth and victimized women) from 650 to nearly 1,000.  Founded in 1994, The Dream Center provides a range of services including rehabilitation programs, transitional shelter for homeless families and victims of human trafficking, mobile hunger relief and medical programs, foster care intervention, and education/job skills training — all targeted at rebuilding lives and families.

To read more coverage in the Los Angeles Times, click here

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