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San Antonio Lighthouse for the Blind Closes $12.7 Million in NMTC Financing for New Manufacturing Facility and Critically-Needed Programs
Washington,
Aug 24 -
National New Markets Fund, LLC has closed its latest NMTC (New Markets Tax Credit) project in the San Antonio area with a $12.7 million allocation for San Antonio Lighthouse for the Blind (SALB). The funds will be used to construct a new 60,000 square foot rehabilitation and manufacturing facility, as well as establish the first free low-vision clinic in San Antonio, and the first Blind Youth Education Program in the state of Texas.
"We are thrilled that New Markets Tax Credits are available to help us expand jobs and services for the blind," said Gaye Preston, CFO and vice president of finance for SALB. "The NMTC Program demonstrates how innovative federal investment in low-income communities can help organizations such as ours make their vision a reality."
Congressman Francisco "Quico" Canseco of Texas' 23rd Congressional District added, "Like so many other projects, the SALB expansion is a testament to how public-private partnerships are making a difference in communities like San Antonio."
This is the third NMTC allocation in San Antonio in the past four years for Los Angeles-based National New Markets Fund. The Fund previously invested $15 million to expand the landmark Haven for Hope homeless assistance center, and $14 million to expand the San Antonio Food Bank.
"The investments we have made in San Antonio fulfill our Fund's core mission of providing economic opportunity, services and job growth for low-income residents," said National New Markets Fund President Deborah La Franchi. "San Antonio Lighthouse for the Blind is precisely the type of highly-impactful project NMTCs were intended to help finance."
National New Markets Fund CEO Belden Hull Daniels added, "Beyond just creating 100 quality jobs, this project will expand a facility designed specifically to leverage the skills of the blind and severely vision impaired. Best of all, the proceeds from their work will help fund services and rehabilitation programs benefitting all of San Antonio's blind and visually impaired."
Founded in 1933, San Antonio Lighthouse for the Blind has grown from a small sewing plant to become one of the nation's largest education, vocational training and rehabilitation centers for the blind and visually impaired. It is also one of the largest manufacturers in San Antonio, and one of the nation's largest employers of the blind and visually impaired. It employs more than 500 workers who manufacture and assemble a range of products -- from office supplies to apparel -- for the U.S. military and government agencies. After the new facility is built, SALB will employ an additional 100 full-time blind workers.
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