PHOENIX, Ariz. (January 23, 2015) -- The Phoenix Community Development and Investment Corporation (PCDIC) and Mutual of Omaha Bank recently closed a New Market Tax Credit loan with the Phoenix Rescue Mission.
The Phoenix Rescue Mission (“Mission”) was founded in 1952 in downtown Phoenix where an evening meal, Chapel service, and clothing were provided to the poor and homeless, serving between 35 and 50 clients each day.
Today the Mission has expanded its services and outreach to provide 79,456 bed nights of shelter and over 386,000 meals to the poor and homeless during 2014. In 2010, with the help of PCDIC and Mutual of Omaha Bank, the Mission opened the Changing Lives Center, a specialized facility for homeless women and their children offering a comprehensive approach to breaking the cycle of addiction, abuse, trauma, and homelessness.
“The Mission is excited to secure this loan which will allow us to expand and improve our services provided to the community” said Gary Paisley, Chief Financial Officer.
"Non-profits like the Phoenix Rescue Mission demonstrate our commitment to help community organizations meet the diverse needs of our community. In this case, the Mission provides services to individuals and families who experience temporary and long-term homelessness each year," said Patricia Garcia Duarte, PCDIC Board member and CEO and President of Neighborhood Housing Services of Phoenix.
We are fortunate to have a working relationship with both PCDIC and Phoenix Rescue Mission, stated Kevin Halloran, Arizona Market President of Mutual of Omaha Bank. We value our long standing relationship with PCDIC and support the work of the Mission, and are grateful for our relationship with the "Changing Lives Center".
"The Phoenix Rescue Mission is on the front lines helping families and individuals at their time of greatest need," Councilman Michael Nowakowski said. "I want to thank the PCDIC and Mutual of Omaha Bank for helping to make the Changing Lives Center a reality and providing another beacon of hope for families faced with homelessness."
The PCDIC NMTC Program seeks to provide below market rate commercial real estate loans to developers, small businesses, and mission-focused nonprofits to encourage neighborhood revitalization and stabilization in qualified low income communities in Maricopa County. While the
PCDIC has received $263MM in NMTC allocations since 2002, which has been used to provide 29 projects valued at $791MM with $336MM in NMTC financing and additional private investment of $455MM. Projects include local non-profits, hospitality, industrial, commercial offices and medical facilities.
Examples of PCDIC back NMTC financed projects include the following with total project costs:
· Native American Connections, 4520 N. Central Ave., $7.7MM
· Hacienda Skilled Nursing Center, 1402 E. South Mountain Road, $9.2MM
· Arizona Bridge to Independent Living, 5025 E. Washington St., $23.9MM
· YMCA, N. 3825 67th Ave., $11.5MM
· Phoenix Rescue Mission, Changing Hands, 338 N. 15th Ave. $18.8MM
· Spectrum Mall, 1703 W. Bethany Home Road, $91.5MM
· Clarendon Hotel, 410 W. Clarendon Ave., $7.3MM
· Riverside Industrial Center (new Amazon center), 4950 W. Mohave St., $48MM
· U of Arizona Medical School, 445 N 5th Street, $37.7MM
· Hotel Monroe, 15 E Monroe St., $39MM
· Cityscape Loans
o Office Tower, 1 E. Washington St, $262MM
o Retail, 11 W. Washington St, $59.5MM
o Palomar Hotel, 2 E. Jefferson St, $102.5MM
About Phoenix Community Development and Investment Corporation
Phoenix Community Development Investment Corporation (PCDIC) is a local 501© 3 nonprofit which has received $263MM in NMTC allocations since 2002. PCDIC targets commercial real estate loans within Maricopa County to encourage private sector investment in qualified low-income communities. Since 2002, PCDIC has created 9,390 new jobs, 3,877 constructions jobs and retained 171 jobs in Phoenix, Ariz.
For more information visit PhoenixNewMarkets.com or call Roberto Franco at 602-495-5247.
About Mutual of Omaha Bank
Mutual of Omaha Bank was established in 2007, with banking offices in key markets across the country. Owned by Mutual of Omaha, its core products include Commercial Banking, Commercial Real Estate, e-Banking, and Association Banking. With assets approaching $7 Billion, Mutual of Omaha Bank is well positioned to continue quality growth while meeting the banking needs of its clients.
Mutual of Omaha Bank Contact: Edward Celaya, Ed.Celaya@mutualofomahabank.com, (480) 458-2025
About Phoenix Rescue Mission
The Phoenix Rescue Mission, a 501(c)(3) charitable organization, is a place of hope, healing, and new beginnings for men, women and children in our community struggling with homelessness, addiction, and trauma. Offering a hot meal, a warm shower, clean clothing and words of encouragement are often the start of a new life. We provide Christ-centered services and programs to men and women for stability, recovery and independence. The Phoenix Rescue Mission is transforming lives and transforming our city!
PRM Contact: Nicole Pena, firstname.lastname@example.org, (602) 346-3342