PORTLAND, Ore.--(BUSINESS WIRE)--After more than twelve years of planning, Blanchet House of Hospitality will celebrate the grand opening of its new facility this week thanks to a public-private New Markets Tax Credit partnership with U.S. Bank and United Fund Advisors and the generous support of the City of Portland, donors, local businesses, volunteers, and its neighbors in Old Town.
The grand opening ceremony will be held on Wednesday, Sept. 12 from 1 to 3 p.m. at 310 NW Glisan Street. The event will feature an official building dedication and ribbon cutting ceremony. The program will include speakers from Blanchet House and the City of Portland. U.S. Bank representatives and development partners will also be in attendance.
“Today, through the hard work of many, Blanchet House is an example of how partnership and perseverance can accomplish great things,” said Malia Wasson, president of U.S. Bank in Oregon and Southwest Washington. “This new building will double Blanchet House’s capacity to serve the city’s most vulnerable and ensure that the organization has a home for at least another 60 years. We’re proud to have played a part in ensuring Blanchet House’s long term success.”
One year ago at Blanchet House’s official construction kick off, U.S. Bank announced a $7.3 million commitment in support of the new $13 million facility. U.S. Bank provided $3.7 million in commercial loans and U.S. Bancorp Community Development Corporation, a wholly-owned subsidiary of U.S. Bank, committed more than $3.6 million of New Markets Tax Credit equity in partnership with National Community Fund I, LLC, a subsidiary of United Fund Advisors. U.S. Bank also made a commitment pledge for the new building’s rain-water collection system, one of its many sustainability features.
Additional funding came from the Portland Housing Bureau. Blanchet House raised the balance of needed funds through a capital campaign.
“We’re blessed to have this new building,” said Blanchet House director Brian Ferschweiler. “We’ll be able to serve people more efficiently and there will be more room for our volunteers and guests. We’re thankful for the support of all those celebrating with us today.”
Blanchet House is a non-profit social services charity that has served Portland’s homeless and working poor for nearly 60 years, providing food, clothing and shelter for people in need. Food is offered to all who may need it, and housing is offered to those who qualify and who are committed to improving their lives. Blanchet House’s previous facility was over 100 years old, in extremely poor condition and was too small to meet current needs.
About the New Markets Tax Credit Program
The New Markets Tax Credit Program (NMTC Program) was established by Congress in 2000 to encourage the investment of private capital in designated low-income communities in order to create jobs, generate economic activity and improve the quality of services in low-income communities and to low-income persons. The NMTC Program attracts investment capital to low-income communities by permitting individual and corporate investors to receive a tax credit against their federal income tax return in exchange for making qualified equity investments in specialized financial institutions called Community Development Entities (CDEs). Capital raised by the CDEs is then used to provide below-market financing to qualified businesses in low-income communities. The credit totals 39 percent of the original investment amount and is claimed over a period of seven years. For more information, visit www.cdfifund.gov.
About U.S. Bancorp Community Development Corporation
With more than $9.8 billion in assets, 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. Bank is the largest bank in Oregon, with a history dating back to 1891. The company has 196 branches in statewide, with 109 in the Portland-Vancouver metro area. U.S. Bank employs more than 4,800 people statewide, many of whom have been with the company for more than 30 years and remain active through the company’s alumni network. U.S. Bank is a top lender in the market, including a recurring position as the top provider of U.S. Small Business Administration (SBA) loans in the Portland SBA District. A major supporter of the nonprofit community, U.S. Bank provided $3.4 million in giving to organizations in Oregon last year.
U.S. Bancorp (NYSE: USB), with $353 billion in assets as of June 30, 2012, is the parent company of U.S. Bank, the fifth-largest commercial bank in the United States. The company operates 3,080 banking offices in 25 states and 5,085 ATMs and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. U.S. Bancorp and its employees are dedicated to improving the communities they serve, for which the company earned the 2011 Spirit of America Award, the highest honor bestowed on a company by United Way. Visit U.S. Bancorp on the web at www.usbank.com.