#United States #New York City #Head Start #Grand Street

New York City Regional Center Secures Funding for Education

The New York City Regional Center is proud to announce the successful closing of a significant $20 million deal under the New Market Tax Credit financing initiative, designed to bolster affordable childcare options in New York City. This funding will specifically support the operational expenses of seven Head Start early childhood education centers located in Brooklyn and the Bronx, further promoting access for low-income families in the city.

Expanding Options for Families

These early childhood education centers will be managed by Grand Street Settlement, one of the largest and most influential social service organizations in New York City. With a mission to provide safe and supportive education environments for children from as young as six weeks to five years, Grand Street plays a critical role in the community. The newly funded centers will be established in key neighborhoods such as Sunset Park, Pelham Parkway, Mount Eden, Mott Haven, West Farms, and Crotona Park.

The $20 million investment will facilitate the creation of four brand-new educational facilities with the capability to accommodate 292 children, while also expanding the capacity of three existing centers to serve an additional 177 children. Grand Street Settlement's CEO, Robert Cordero, emphasized that this financing marks a bold commitment not only to the present but also to the future of families in New York City, stating, "This New Market Tax Credit investment is more than a financial transaction; it is a commitment to fostering bright futures for our children and families."

The Significance of Affordable Education

Cordero highlighted the critical need for affordable early childhood education in the Bronx, a borough that currently experiences a shortage of center-based child care. He noted, "The Bronx has the least number of center-based child care options in all of New York City. We are looking to change that." This acknowledgment points to a significant gap in services that this initiative aims to fill—a void that has persisted for many years.

Paul Levinsohn, Co-Founder of the New York City Regional Center, reinforced the importance of affordable early childhood education for parents' job stability and the city’s economic health. He remarked, "This infusion of capital furthers Grand Street's mission to expand access to affordable childcare for low-income families in New York City.”

Grand Street has been a beacon of hope and support for families in need for over a century, having provided essential services since its establishment in 1916. The organization's significant expansion into the Bronx marks a milestone in their outreach efforts, which currently reach over 18,000 individuals across various neighborhoods with more than 45 community centers and schools.

The New Market Tax Credit Program

This latest funding leveraged a portion of a larger $45 million New Market Tax Credit allocation awarded to NYCR-CDE by the U.S. Department of Treasury. This initiative aims to stimulate private investments and economic growth in low-income areas that traditionally struggle to attract capital. Since its inception in 2000, the New Market Tax Credit program has effectively catalyzed private investments in distressed communities, assisting in the creation of vital facilities that promote education, housing, and public services.

The New York City Regional Center not only aims to attract foreign investment through the EB-5 Immigrant Investor Program but has played a pivotal role in local economic development by financing diverse infrastructure projects. To date, it has allocated considerable amounts of capital to various educational facilities, non-profits, and community centers, strengthening New York City's capacity to meet its residents' needs.

In conclusion, this $20 million investment represents a transformative opportunity for families and children in low-income neighborhoods. By enhancing early childhood education access through necessary funding, Grand Street Settlement and the New York City Regional Center are laying the groundwork for a brighter future for the next generation in one of the nation's most diverse cities.