#United States #First Horizon #Houston #Catholic Charities #AltCap

A New Hope for Houston: The Family Opportunity Center

In an exciting development for the Houston community, First Horizon Bank has partnered with Catholic Charities of the Archdiocese of Galveston-Houston and AltCap to launch a major project: the Family Opportunity Center. Slated to open in 2028, this ambitious initiative involves the construction of a 60,000-square-foot facility aimed at improving access to essential services for low-income individuals and families in the area.

What Is the Family Opportunity Center?

The new center will be located at 9111 Jensen Drive and is designed to serve as a multi-functional hub for community support. Among its many features, the facility will include:

• - A market-style food pantry providing free nutritious food to families in need.
• - A thrift store offering affordable goods to low-income residents.
• - Access to a variety of services such as mental health counseling, parenting classes, and job readiness programs.
• - An ample space for community gatherings and for first responders during natural disasters, as well as plenty of warehouse space for food storage.

The total investment in the Family Opportunity Center is projected at $25 million. To date, Catholic Charities has successfully raised $17.5 million through private and foundation contributions, with the New Markets Tax Credit (NMTC) potentially supplying nearly 10% of the funding required to proceed.

How Will It Benefit the Community?

The Family Opportunity Center is set to transform the support landscape for families in Houston by consolidating numerous essential services under one roof. First Horizon Bank, which has a rich history of supporting community development initiatives, is excited to spearhead this effort alongside Catholic Charities and AltCap.

Yasmin Huebinger, First Horizon’s Houston Commercial Banking Leader, emphasizes their commitment: “This investment reflects First Horizon's commitment to strengthening the communities we serve, expanding economic opportunities, and driving sustainable growth that benefits families and the broader Houston community.”

Innovative Financing Solutions

The Family Opportunity Center's funding will utilize the innovative structure of the New Markets Tax Credit program. Established by Congress, NMTC is designed to stimulate private-sector investments in low-income communities. It allows Community Development Financial Institutions (CDFIs) like AltCap to receive tax credit allocations to support community projects, thus enhancing access to much-needed financing.

Ruben Alonso III, CEO of AltCap, highlighted the importance of this model: “We are excited to demonstrate how we can support high-impact community investments like the Family Opportunity Center using the NMTC Program.” This will be AltCap’s first NMTC investment in Texas, building on their successful track record of deploying nearly $350 million towards underserved small businesses and communities.

A Testament to Community Collaboration

Michael D. Hansen, President and CEO of Catholic Charities, reflects on this partnership, saying, “The cooperation among Catholic Charities, AltCap, and First Horizon Bank illustrates how innovative financing can help transform lives and strengthen communities across the Houston region.”

This multi-faceted collaboration not only showcases how nonprofit organizations and financial institutions can work effectively together but also highlights a strong commitment to community enhancement and the alleviation of poverty across Houston.

As the Family Opportunity Center moves forward with its development, it stands as a beacon of hope, promising brighter futures for families in need and reinforcing the power of collaborative initiatives for social change. For more information on this upcoming facility and its services, visit the Catholic Charities website. Whether you're involved in community service, financial planning, or simply wish to lend a helping hand, the Family Opportunity Center highlights the importance of working together to uplift those around us.

Conclusion

The collaborative endeavor between First Horizon Bank, Catholic Charities, and AltCap to create the Family Opportunity Center speaks volumes about community spirit and resourcefulness. It offers a model that other communities might follow in their quest to provide essential services to their residents, ultimately driving positive change and development in the broader Houston area.