Accion Opportunity Fund Receives $60 Million New Markets Tax Credit Allocation to Continue Investment in Nonprofit Community Facilities

Accion Opportunity Fund leverages federal tax credits to invest in high-impact community projects that provide safety net services for low-income communities in the United States. A total of $5 billion in NMTC allocations were recently awarded to 104 organizations nationwide through a highly competitive application process.

“With this allocation award, Accion Opportunity Fund will be able to raise significant equity capital from lenders and investors to finance the expansion of nonprofit service providers, through the new construction of community health clinics, youth centers, homeless shelters, and other types of community facilities that provide substantial benefits to low-income communities,” said Tom Dolan, Senior Director, New Markets Tax Credits.

Prior to this allocation, Accion Opportunity Fund had received a total of thirteen allocations, totaling $498 million, to support our community investments. In turn, Accion Opportunity Fund has provided financing for 41 projects throughout the United States, totaling $498 million in investment for nonprofit facilities and Native American projects that have generated approximately 9,000 construction and permanent jobs.

Accion Opportunity Fund’s projects serves more than 918,000 unique individuals annually, which includes 507,044 low-income individuals, 378,752 Black, Indigenous, and People of Color, and 187,205 at-risk youth.

For example, RYSE Commons, which opened in 2022, provides a safe space for youth in Richmond, California. Its programming includes direct services, education, leadership building, and organizing across issues that affect youth. RYSE’s clients are 90% low income and 96% Black, Indigenous, and People of Color.

One of RYSE’s members is “D.C.” a formerly incarcerated youth. He was recently elected as part of the Contra Costa County Juvenile Justice Coordinating Council. As a member of that Council, “D.C.” advocates for youth who have been systems-impacted and helps push policies that better ensure safe returns and positive outcomes for youth re-entering the community after incarceration.

In FY2024, Accion Opportunity Fund financed the following projects using NMTCs:

Compass Health
Accion Opportunity Fund provided $16 million in financing (in addition to other partners) to help Compass Health construct a new 73,000 square foot facility that will provide in-patient and out-patient behavioral health care for a population that includes adults with chronic mental illness who are either homeless, transitioning out of more intensive mental health treatment facility settings, who may be diverted from incarceration for mental health reasons, or those requiring intensive supports to live independently.

This project is currently under construction. Once completed, this facility will serve over 1,920 individuals annually, 100% low-income, and create or retain 133 permanent jobs

West Last Vegas Library

Accion Opportunity Fund provided $10.5 million in financing (in addition to other partners) to help the Las Vegas-Clark County Library District construct a new 40,430 square foot library. With no more than 15% of its interior square footage devoted to book stacks, the new library will provide project-based learning spaces including technology and multimedia labs, adult learning classrooms, a career hub, business center, and study booths.

This project is currently under construction. Once completed, this project will serve an estimated 23,100 clients annually, 80% low income and 75% Black, Indigenous, or People of Color, and create or retain 40 permanent jobs.

Accion Opportunity Fund is currently reviewing prospective projects for Fall 2024 and beyond. To learn more about AOF’s New Markets Tax Credits program, visit https://aofund.org/new-markets-tax-credit-program/