Loan at a Glance:
In addition to providing $1,000,000 in funding towards Sacred Heart Community Service’s (Sacred Heart) capital contribution to an NMTC funding structure, PCG provides a $7,000,000 NMTC allocation.
Project Summary:
The development is in a San Jose neighborhood with a 25.4% poverty rate and an unemployment rate of 1.25% of the
national rate. PCG’s support and a $2,500,000 U.S. Bancorp NMTC allocation allow Sacred Heart to expand its capacity to serve 91,667 predominantly low-income Hispanic people in San Jose, CA. To that end, Sacred Heart is enabled to greatly expand programming including economic and family self-sufficiency programs, COVID-19 Assistance programs, their food pantry, a clothes closet, and more.
Borrower Summary:
Sacred Heart, a nonprofit corporation, 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 Result:
The project retains 110 permanent jobs and creates ten new permanent jobs. One hundred seventeen of these classify as quality jobs, and all classify as assessable jobs.