Educational Alliance of New York City*
New York , NY
Located in the same building since its founding in 1889, The Educational Alliance, a nonprofit serving families and children in the Lower East Side of Manhattan in New York City, was in desperate need of renovation and updating.
MBS Urban Initiatives CDE made a $7.3 million qualified low-income community investment in the Educational Alliance that was combined with four other CDE allocations to leverage private loans of $39.3 million for the renovation of their facility. The $51.5 million one-of-a-kind community facility is now home to early childhood education programs, youth development and education programs, mental health counseling, art education programs for young artists and seniors, recreation and wellness programs, adult education programs, and senior programs. The renovated facility has allowed the Educational Alliance to expand and improve all of their programs, serving over 9,600 low-income individuals a year.
The Educational Alliance was able to retain 152 permanent jobs and create an additional 48 permanent jobs for a total of 200 full-time equivalent permanent jobs. The renovation created 300 construction jobs and 100% were paid wages at the Davis-Bacon prevailing wage rate. Approximately 25% are low income or low income community residents.
This institution is an equal opportunity provider.
Quick Facts
Project Goal: Help a Lower East Side institution improve and expand its low-income offerings and programs through the renovation and rehabilitation of its main headquarters.
Total Development Costs:$51.5 million
Square Footage: 103,774
Developer: Educational Alliance
Tax Credit Investor: Goldman Sachs Bank
NMTC Qualified Low Income Community Investment: $7.3 million
Other Key Project Financing: Other CDEs: Goldman Sachs, Consortium America, Community Reinvestment Fund, Dudley Ventures; Lower Manhattan Development Corporation; New York State Office of Children and Family Services; New York State Assembly; and New York City Council / NYC Economic Development Corporation; Philanthropy from corporations, private citizens, and charitable organizations including UJA-Federation; Educational Alliance
Construction Jobs: 300
Permanent Jobs: 196
Investment Date: August 2012
Opening Date: April 2014