Sacred Heart Expansion
The expanded Sacred Heart Community Service (Sacred Heart) facility will allow Sacred Heart to expand its capacity to serve 91,667 predominantly low-income Hispanic people in San Jose, CA. The property is located in a neighborhood with a 25.4% poverty rate and an unemployment rate of 1.25% of the national rate.
Expanding their facility will enable Sacred Heart to greatly expand programming, including economic and family self-sufficiency programs, COVID-19 Assistance programs, their food pantry, a clothes closet, and more. Additionally, the project will allow Sacred Heart to retain 110 permanent jobs and create ten new permanent jobs.
Project: Community facility
Borrower: Sacred Heart is a nonprofit corporation that provides services to families and individuals in need and is innovative in providing programs that assist families with achieving lifelong economic self-sufficiency. It also provides a grassroots network that addresses poverty’s root causes and consequences. Sacred Heart’s mission is to reduce racial discrimination, segregation, and wealth inequality through its facility and programs.
Loan Details: Partners provided $1,000,000 to a $5,000,000 NMTC source loan with Community Vision, as well as a $7,000,000 NMTC allocation.