U.S. Bank announced today it has committed nearly $25 million of financing to help the Boys & Girls Clubs of San Francisco (BGCSF) build a new Clubhouse and administrative headquarters in the Western Addition. Opening in November 2014, the Don Fisher Clubhouse will allow the BGCSF to better serve youth in the city’s Western Addition, Lower Haight, and Hayes Valley neighborhoods.
“Boys & Girls Clubs of San Francisco inspires and enables young people, especially those from disadvantaged circumstances, to realize their full potential as productive, responsible and caring citizens,” said Michael Walker, market president for U.S. Bank. “Providing financing for an organization that prepares youth for the future offers a great return on investment in our mind.”
U.S. Bank’s commitment includes a $14.5 million capital campaign bridge loan and a $10.2 million New Markets Tax Credit (NMTC) equity commitment made possible through a partnership with Opportunity Fund, San Francisco Community Investment Fund, and USBCDE, U.S. Bank’s community development entity (CDE). Harnessing the power of NMTCs, the CDEs used U.S. Bank’s investment and leveraged other financial sources to provide patient, low-cost capital to BGCSF.
“We’re pleased to provide New Markets Tax Credits funding support for our second project with Boys & Girls Clubs of San Francisco and the youth they serve,” said Jeff Wells, director of New Markets for Opportunity Fund. “All Californians deserve access to safe, affordable services that make our communities stronger. Building a new Clubhouse in the Western Addition will help BGCSF better serve the youth who need it the most.”The Don Fisher Clubhouse will replace BGCSF’s existing Ernest Ingold Clubhouse in the Upper Haight neighborhood, which was built in 1952. The new Clubhouse is within walking distance of 6,500 youth, many of whom currently travel long distances to the outdated Ernest Ingold facility.