PRESS RELEASE
09/13/10
Contact: Charity Sack, (703) 647-2337
$750,000 PROGRAM RELATED INVESTMENT TO SPARK NEW SOURCES OF CAPITAL
FOR NONPROFIT OPERATORS IN ALASKA
Alaskan Nonprofit Organizations Able To Offer More for People in Need
WASHINGTON, D.C. (September 13, 2010)— The Rasmuson Foundation and NCB Capital Impact today launched a program that increases access to flexible, affordable capital for Alaskan nonprofit organizations seeking to expand and enhance their facilities so they may offer more critical services to underserved and low-income populations. The Rasmuson Foundation awarded a $750,000, five-year Program Related Investment (PRI) to Capital Impact to fund the program.
“With only eight Community Development Financial Institutions to service all underserved populations in Alaska, it is critical that every organization with resources team up to ensure access to affordable capital,” said Terry Simonette, President and CEO of NCB Capital Impact. “We embrace this opportunity to support people and communities in need to reach their highest potential at every stage of life.” Simonette continued.
The funds will be used as a credit enhancement for below-market facilities financing for eligible, new facility and housing development loans originated in Alaska. Outcomes sought through this program are to:
- increase access to flexible, attractive, and predictable capital financing by Alaskan nonprofits operators who currently face funding gaps that stymie their effort to expand their capacity; and
- act as a model and a catalyst to increase the financing and other resources available to Alaskan nonprofit operators over the longer term.
“NCB Capital Impact’s strong track record in lending to projects such as community-based health clinics, affordable housing, senior living centers, and alternative education facilities aligns nicely with Rasmuson Foundation’s traditional grantmaking efforts,” said Diane Kaplan, president of Rasmuson Foundation. “This PRI provides Capital Impact with an opportunity to enhance its presence in Alaska by providing our nonprofits with access to increasingly needed flexible financing for major projects.”
NCB Capital Impact has a wide-ranging history of working within the State of Alaska, such as The Coming Home Project, a 13-year Robert Wood Johnson grant initiative where Alaska was one of the nine states to foster the much-needed development of affordable assisted living facilities. The Alaska Department of Administration's Division of Elder Affairs administered the program resulting in the development of five facilities.
More recently, Capital Impact partnered with Seward Providence Mount Haven to develop Alaska’s first Green House nursing facility which opened in September 2009. Capital Impact is also working with the Alaska Native Tribal Health Consortium to develop a 10-home Green House project, providing financing for a $5.7 million New Markets Tax Credit transaction with Chenega Corporation, and a $16 million New Market Tax Credit transaction for Coastal Villages Regional Fund’s the Good News Bay Fisheries Project.
About NCB Capital Impact
NCB Capital Impact helps people and communities reach their highest potential at every stage of life. As a national, non-profit community development organization, NCB Capital Impact provides financial services and technical assistance to help make high-quality health care, housing, and education more accessible and attainable, and eldercare more dignified and respectful. NCB Capital Impact has used its depth of experience, cooperative approach, and diverse network of alliances to generate over $1.4 billion in critical investments that create a high quality of life for low-income people and communities. www.ncbcapitalimpact.org
About the Rasmuson Foundation
The Rasmuson Foundation was created in May 1955 by Jenny Rasmuson to honor her late husband E.A. Rasmuson. The Foundation is a catalyst to promote a better life for all Alaskans.