U.S. Bank Funds $24.7 Million for Youth Development in San Francisco
Boys & Girls Clubs of San Francisco harnesses benefits of New Markets Tax
Credit financing to build new Don Fisher Clubhouse in the Western Addition
SAN FRANCISCO -- July 18, 2013
U.S. Bank announced today it has committed nearly $25 million of financing to
help the Boys & Girls Clubs of San Francisco (BGCSF) build a new Clubhouse and
administrative headquarters in the Western Addition. Opening in November 2014,
the Don Fisher Clubhouse will allow the BGCSF to better serve youth in the
city’s Western Addition, Lower Haight, and Hayes Valley neighborhoods.
“Boys & Girls Clubs of San Francisco inspires and enables young people,
especially those from disadvantaged circumstances, to realize their full
potential as productive, responsible and caring citizens,” said Michael
Walker, market president for U.S. Bank. “Providing financing for an
organization that prepares youth for the future offers a great return on
investment in our mind.”
U.S. Bank’s commitment includes a $14.5 million capital campaign bridge loan
and a $10.2 million New Markets Tax Credit (NMTC) equity commitment made
possible through a partnership with Opportunity Fund, San Francisco Community
Investment Fund, and USBCDE, U.S. Bank’s community development entity (CDE).
Harnessing the power of NMTCs, the CDEs used U.S. Bank’s investment and
leveraged other financial sources to provide patient, low-cost capital to
“We’re pleased to provide New Markets Tax Credits funding support for our
second project with Boys & Girls Clubs of San Francisco and the youth they
serve,” said Jeff Wells, director of New Markets for Opportunity Fund. “All
Californians deserve access to safe, affordable services that make our
communities stronger. Building a new Clubhouse in the Western Addition will
help BGCSF better serve the youth who need it the most.”
The Don Fisher Clubhouse will replace BGCSF’s existing Ernest Ingold Clubhouse
in the Upper Haight neighborhood, which was built in 1952. The new Clubhouse
is within walking distance of 6,500 youth, many of whom currently travel long
distances to the outdated Ernest Ingold facility.
“This new Clubhouse will serve over 190 youth each day and over 2,000
annually. The Club will be open year-round: every day after school and all-day
in the summer months and during school breaks,” said Rob Connolly, president
of Boys & Girls Clubs of San Francisco.
For an annual membership fee of just $10, youth ages 6-18 will have access to
a competition-size pool, gym, a learning center, art studio, general
recreation and dedicated space for high schoolers and middle schoolers. The
new facility will also be home to BGCSF’s administrative headquarters,
supporting nine other Clubhouses and Camp Mendocino, the Club’s residential
summer camp in Mendocino County.
“BGCSF’s programming impacts the lives of young people by helping them to
develop the values, skills, attitudes, character and behavior that enable them
to succeed in life,” said Brian Strong, president of the San Francisco
Community Investment Fund. “By combining the strength of the City with the
flexibility and resources of the private sector, we’re helping expand the
reach of BGCSF’s work. We’re proud to help make this project a reality.”
Over the last decade, BGCSF has engaged in a campaign to build three
Clubhouses in San Francisco and significantly rebuild Camp Mendocino. The Don
Fisher Clubhouse is the last major project in that campaign, and will require
the Club’s Board and president to raise $12 million from the philanthropic
community to complete.
About Boys & Girls Clubs of San Francisco
Founded in 1891 as the San Francisco Boys Club on Harrison Street, Boys &
Girls Clubs of San Francisco is one of the storied Boys & Girls Club
organizations in the nation. BGCSF holds the unique distinction as being two
of the original 53 Boys & Girls Clubs that founded the national organization,
Boys & Girls Clubs of America, in 1906. These two organizations merged into
one in 2001 and have won numerous national and local awards in the past seven
years. The Club is seen as a leader in the youth development field, and
reaches over 16,000 youth annually, serving over 1,200 on average each day.
About Opportunity Fund
Opportunity Fund is a not-for-profit social enterprise helping thousands of
California families build financial stability. Our strategy combines
microloans for small businesses, microsavings accounts, and community real
estate financing. We have received $170 million in New Markets Tax Credits.
Now California's leading microfinance provider, Opportunity Fund began based
on the idea that small amounts of money and financial advice could help people
make permanent and lasting change to improve their own lives. Since making our
first loan in 1995, our team has deployed $280 million into our communities.
About San Francisco Community Investment Fund
San Francisco Community Investment Fund (SFCIF) was created by the City and
County of San Francisco to help secure New Markets Tax Credit financing for
high impact projects in the City’s highly distressed communities. The City
uses NMTC and SFCIF to enhance and leverage its resources to significantly
increase the level of economic development in San Francisco’s low-income
communities. SFCIF is spearheaded by the City’s departments that focus on
assisting San Francisco’s highly distressed low-income communities through
assessing needs, providing flexible capital, and creating quality jobs.
About U.S. Bancorp Community Development Corporation
With more than $10.9 billion in assets as of March 31, 2013, U.S. Bancorp
Community Development Corporation, a subsidiary of U.S. Bank, provides
innovative financing solutions for community development projects across the
country using state and federally sponsored tax credit programs. USBCDC's
commitments provide capital investment to areas that need it the most and have
contributed to the creation of new jobs, the rehabilitation of historic
buildings, the construction of needed affordable and market-rate homes, the
development of renewable energy facilities, and the generation of commercial
economic activity in underserved communities. Visit USBCDC on the web at
About U.S. Bank
U.S. Bancorp (NYSE: USB), with $353 billion in assets as of June 30, 2013, is
the parent company of U.S. Bank, the 5th largest commercial bank in the United
States. Celebrating its 150th anniversary this year, the company operates
3,087 banking offices in 25 states and 5,032 ATMs and provides a comprehensive
line of banking, brokerage, insurance, investment, mortgage, trust and payment
services products to consumers, businesses and institutions. Visit U.S.
Bancorp on the web at www.usbank.com.
Teri Charest, U.S. Bank Corporate Public Relations
(612) 303-0732, firstname.lastname@example.org
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