SOUTH REGION
$19.2 million TOTAL PROJECT
$15 million FCLF FEDERAL NMTC ALLOCATION
Construction of 62,620 sq-ft new facility providing youth and family services
Estimated reach 5,000 annually
91 Temporary and 85 Permanent Jobs estimated
"On behalf of myself and our founder Alonzo Mourning, we are grateful for FCLF and Central States for allocating New Market Tax Credits to not just a project but to a lifelong movement. Expanding our facility provides communities like Overtown and other surrounding communities the resources necessary to provide our stakeholders a “fighting chance” to break down educational, social, health and economic barriers to success. This new center and the investment of resources allocated to this project is a milestone accomplishment that will change the trajectory of the communities we serve for generations to come. OYC will be forever committed to strengthening communities we serve by breaking cycles of poverty.” – Tina Brown, CEO, Overtown Youth Center.
Miami’s Overtown neighborhood is an area of high poverty, high juvenile crime, and significant educational shortfalls. Recent studies show 32% of adults did not finish high school – double the rate of surrounding areas – and an area juvenile crime rate of 49 per 1,000 youth – the highest of all Miami urban neighborhoods.
The Overtown Youth Center was founded in 2003 to inspire and empower at-risk, low-income youth and families by fostering hope through a variety of in school, after-school, summer, arts enrichment, family, college and career readiness program services. Nearly all – 95% – of OYC youth graduate high school with over 80% continuing on to college, university or vocational post-secondary educational programs.
Today Overtown Youth Center (OYC) serves children, youth, and families from a building that has become functionally obsolete and too small to accommodate needed services. Using New Markets Tax Credit financing, OYC will replace its existing facility and build a new 62,620 square-foot community resource center. The new center will triple OYC’s capacity, reaching an estimated 5,000 youth and families annually. Key features of this new center will include an economic empowerment training area, a STEM lab, a multimedia / technology lab, family resource center, state of the art classrooms, and a health and wellness gymnasium.
Upon completion, OYC’s expanded new services and programs will provide job training, housing services, mental health and behavioral health services, mentoring and employment services, and family support services. Construction and operation of the new center will also create or retain up to 176 temporary and permanent jobs.
Florida Community Loan Fund (FCLF) provided $15 million in federal NMTCs for Overtown Youth Center. The investor is Northern Trust Bank. Central States Development Partners provided an additional $4 million in NMTC, with U.S. Bank CDC as the investor. The project aligns with redevelopment goals for Miami-Dade County’s Central Enterprise Zone and Overtown/Park West CRA, and the City of Miami’s Enterprise Zone, through its creation of jobs, health and safety, and improvement of quality of life for area residents. This transaction was completed in July 2020.
“For many years the Overtown Youth Center has inspired young people in Miami to realize their dreams and ambitions. The future of our children and youth has never been more important. That’s why Overtown’s expansion is so vital. And with the help of NMTC it’s going to happen now.” – Nelson Black, FCLF Chief Lending Officer
Community Profile:
- Income 37% of AMI (area median income)
- Unemployment Rate at 3.9x the National Average
- 49% Poverty Rate
- Empowerment Zone, TIF District, FEMA Disaster Zone
Pictured above, architectural rendering of the new Overtown Youth Center facility, built with NMTC financing. Below, construction kick-off for the new Center.
