TOTAL PROJECT: $7.5 million
FCLF NMTC ALLOCATION: $1 million
30,000 square feet developed
160 Temporary Jobs
59 Permanent Jobs
On a large tract of formerly unused land, this development in Richmond began with two buildings. One 20,000 sf community building is occupied by a Program of All-Inclusive Care for the Elderly (PACE), operated by Riverside hospital. PACE, opened in January 2009, enables frail seniors to maintain as much independence as possible and to stay in their own homes by providing all levels of medical, social, personal care, and respite services for seniors and their caregivers. PACE is funded through Medicaid and Medicare or private pay for individuals. The second 10,000 sf building is mixed-use, including special needs apartments, and opened in Spring 2010.
The New Manchester project is in a very low-income, high poverty and high unemployment census tract. This project also used historic tax credits and other public sources of funding.
INVESTOR, LENDER, ADDITIONAL NMTCs: Wells Fargo Bank
This transaction was finalized in September 2007.
View more photos of New Manchester Flats II on FCLF's Flickr Page.
For more information visit Riverside PACE website.