BOOM!Health, Enterprise and Chase Close $10 Million NMTC Deal for New Wellness Center in the Bronx
35,000 sq. ft. facility will include a community center for LGBTQ Youth, HIV/AIDS preventative services, a community health clinic, pharmacy and workforce training café
BRONX, N.Y. – June 22, 2016 – BOOM!Health (BOOM), Enterprise Community Partners, Inc. (Enterprise), and Chase Community Development Banking today announced a $10 million NMTC investment to finance the acquisition and rehabilitation of BOOM’s new Wellness Center, which will provide health and community services for LGBTQ-identified youth and women in the Melrose section of the Bronx. The building will also serve as the new home to its administrative offices and HIV/AIDS prevention center.
The project includes the conversion and rehabilitation of a former furniture store to create a five-story, 35,000-square-foot Wellness Center for BOOM, a community-based nonprofit organization focused on improving the health and wellness needs of marginalized and stigmatized communities at highest risk, particularly those with HIV, viral hepatitis, and substance users. The Wellness Center will include a drop-in community center for LGBTQ youth; private consultation rooms for health coordination, legal and HIV/AIDS prevention services; a community health clinic and pharmacy run by Callen-Lorde Community Health Center, a Federally Qualified Health Center; and a café called BOOM!Café, which will double as a community space and workforce training center on the ground floor. BOOM is working with Catalyst Kitchen, an incubator of food service social enterprises based in Seattle, to establish a training program and business model for the café.
“The acquisition and development of 3144 Third Ave for our Wellness Center will have enormous impact on BOOM!Health’s expansion of services through its nationally recognized model of integrated care for marginalized populations in the Bronx and beyond,” stated Jose M Davila, president and CEO of BOOM!Health. “We are extremely thankful to Enterprise, Chase and their partners who selected us to receive this capital allocation that will change forever the financial wellbeing of our community-based organization and will help us leverage more resources for the important work that we do.”
“At Enterprise, we believe that having access to opportunity—affordable housing, quality schools, healthcare, and more—is vital to leading healthy and successful lives,” said Judi Kende, vice president and New York market leader, Enterprise. “With LGBTQ youth comprising nearly 40 percent of the homeless youth population in New York City, BOOM!Health will provide one of the city’s most vulnerable populations with the quality healthcare, job training, and support system they need in order to succeed. We are proud to provide a $10 million NMTC allocation and $5 million leveraged loan to make that happen.”
Enterprise Community Investment (ECI), a subsidiary of Enterprise, is providing an allocation of $10 million in New Markets Tax Credits, with Chase providing the NMTC equity investment. Enterprise Community Loan Fund (Loan Fund), another subsidiary of Enterprise, partnered with Nonprofit Finance Fund (NFF) to provide a $5.1 million, seven-year-term loan. This will be the fourth transaction financed between ECI, Loan Fund, NFF and Chase to provide “one-stop” NMTC financing for healthcare-related projects.
“We are proud to support BOOM!Health’s mission in bringing an integrated and holistic approach to serving its community with access to care, health and human services, and employment,” said En Jung Kim, vice president of Chase Community Development Banking’s New Markets Tax Credit group. “Thousands of our employees and customers reside in the Bronx and we strive to help strengthen communities in which we live and work.”
Enterprise works with partners nationwide to build opportunity. We create and advocate for affordable homes in thriving communities linked to good schools, jobs, transit and health care. We lend funds, finance development and manage and build affordable housing, while shaping new strategies, solutions and policy. Over more than 30 years, Enterprise has created nearly 358,000 homes, invested $23.4 billion and touched millions of lives. Join us at www.EnterpriseCommunity.com or www.EnterpriseCommunity.org.
BOOM!Health is an innovative nonprofit organization based in New York City’s South Bronx, committed to a vision of health, wellness and safety for all, by addressing the needs of marginalized and stigmatized communities at highest risk of health disparities. A product of the August 2013 merger of Bronx AIDS Services and CitiWide Harm Reduction, BOOM!Health provides prevention services and education, syringe access, health coordination, behavioral health, housing, legal services, food and nutrition, advocacy, primary care and pharmacy services to 12,000 of the city’s hardest to reach youth and adult individuals. For more information, go to www.boomhealth.org.
Chase is the U.S. consumer and commercial banking business of JPMorgan Chase & Co. (NYSE: JPM), a leading global financial services firm with assets of $2.4 trillion and operations worldwide. Chase serves nearly half of America’s households with a broad range of financial services, including personal banking, credit cards, mortgages, auto financing, investment advice, small business loans and payment processing. Customers can choose how and where they want to bank: 5,400 branches, 17,000 ATMs, mobile, online and by phone. For more information, go to Chase.com.