Financing deal closes for Technology Access Foundation project in White Center
(Rendering of new center)
Announced today via news release (read it in its entirety here): A financing deal that’s part of the package for the TAF center in Lakewood Park has closed. Here’s how the $ shakes out:
Financing for the facility was supplied by multiple public and private partners. Enterprise Community Investment, one of the largest allocatees of New Markets Tax Credits (NMTC), provided $12.5 million in NMTC allocation. A $2.9 million bridge loan was financed by Enterprise Community Loan Fund, which used proceeds from the sale of its Enterprise Community Impact Note to fund part of the loan. The Seattle Foundation made a $1 million investment in the Note last April as part of its commitment to support development of projects that promote the health of local communities. Impact Capital participated in the bridge loan by providing $1.46 million of the $2.9 million in bridge financing. Other financing included $2 million from King County, $1.5 million from the State of Washington; $1 million from The Bill and Melinda Gates Foundation; grant funds from the U.S. Department of Housing and Urban Development; a $500,000 federal appropriation arranged by Senator Patty Murray; and $300,000 from Microsoft Corporate Community Affairs.
The three-story facility is expected to be open before year’s end.
You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.
February 1st, 2012 at 10:16 pm
Amazing!!
February 2nd, 2012 at 12:55 pm
TAF | Equipping students of color for success in college and life…IS THIS AN EXCLUSION TO THE POOR STUDENTS OF NONCOLOR? WHY IS THIS ALWAYS THE ISSUE?
February 4th, 2012 at 9:16 am
TAF (Technology Access Foundation) is in the process of constructing their new home in Lakewood Park, that will provide a much needed learning center for our community’s children. If you have not visited their present home (on Rainier Ave) well, it’s an eye opener on what they provide for student’s education. Close to 100% of students who graduate from TAF go on to college. What a remarkable achievement!
Welcome to White Center TAF.
Friends of Hicklin Lake
March 1st, 2012 at 11:39 am
No worries twocents- TAF does not discriminate in who we serve, though our target audience is youth of color (many of whom are also low-income) because we aim to increase diversity in science, tech, engineering and math professions. We operate in neighborhoods like White Center because students there have access to fewer educational resources.
Dick, thanks for the welcome and for all of your support! We’re very excited.