April 6, 2009
The community of White Center in King County, WA is an ethnically and socioeconomically diverse unincorporated suburb of Seattle. With a poverty rate of 38.7% and unemployment 3.4 times the national average, the neighborhood has seen its share of hardship. Over 50% of the over 22,000 residents are from other countries and one in three households has a first language other than English. There is reason to celebrate in White Center these days, however. A new retail center is under construction in a vacant lot in the heart of the downtown business district. With the promise of 60 new permanent jobs in the local businesses signed on to occupy the new space, and the 50 construction jobs generated in the interim, the residents and business owners of White Center are delighted to see investment in their community at a time when they need it most. Video from local news station King 5.
Long-time client community King County, WA looked to NDC to put the financing package together for this project. Using NDC’s leveraged New Markets Tax Credit (NMTC) financing model, a $6.25 million Section 108loan is being used as leverage for a NMTC investment of $10.6 million.