Projects like King Street Center demonstrate Vermont Rural Venture’s commitment to bringing investment to nonprofit groups that otherwise lack access to capital. The new facility allows the King Street Center to expand and offer a fully licensed year-round Early Head Start program; create four new jobs; build a professional quality kitchen; improve adult language instruction, performing arts, computer access, art studio and gymnasium space; purchase essential equipment; and expand administrative office space.
New Markets Tax Credit Financing
Although King Street Center successfully met its capital campaign goals for the project, $1.2 million in enhancements and fit up costs remained. To fill the gap King Street Center faced cutting the project scope, securing costly long-term financing, or dipping into its working capital reserves.
Vermont Rural Venture’s New Markets Tax Credit (NMTC) investment filled the gap saving King Street Center from over leveraging, and short-changing themselves.
The NTMC investment allows King Street Center to enhance its new building with solar photovoltaic panels, increased natural lighting opportunities, and improvements to its gymnasium and outdoor areas, as well as expand its early education services through the addition of a new early pre-school program for children ages 18 months to 3 years of age.
View the video of opening day at King Street Center on the project page