ImpactAlpha, June 27 – The community development financial institutions is committing $10.5 million in new markets tax credits to build a new club for the Boys & Girls Club in Manatee County, Florida. The club is based in Bradenton, a city in Manatee County, Fla. where 17.3% of the population lives in poverty, which exceeds the national rate of 12.7%. Seventy-five percent of the club’s 2,400 youth members are low-income.
- Local impact… Florida Community Loan Fund’s funding will allow the Manatee County club to replace its 50-year-old facility and will create 35 permanent jobs and 165 temporary jobs, Tampa Bay Business Journal reports (paywall).
- Return on investment… A study commissioned by the Boys and Girls Club of America found that nationally, every $1 invested in the organization yields $9.60 in community earnings and cost savings.
The Manatee County club’s new facility is expected to be completed in 2019. The Florida Community Loan Fund’s new markets tax credits for the project are part of its $316 million allocation approved by the U.S. Treasury Department.