50 Projects – 50 States: Arizona Flores Harding Project Phoenix, AZ The Flores Harding project involved two locations in the central business district of Phoenix that have poverty rates of 30 percent with a growing contingent of immigrant residents and native Latino families. The area is adjacent to higher income neighborhoods. Business services in the areas surrounding both sites reflect the overriding Latino cultural needs with a large number of small retailers and Class B office strata of economic development. The existing structure of the local Phoenix funeral services industry had created a higher cost threshold for basic funeral service packages, that were not affordable for the vast number of resident Latino families. The CDE, Prestamos CDFI, LLC. provided a $1.7 million New Markets Tax Credit (NMTC) loan to purchase and retrofit two funeral facilities.
NMTC Allocatee
Prestamos CDFI, LLC Phoenix, AZ Joe Martinez: 602.258.9911 An Affiliate of Chicanos Por La Causa, Inc. Community Profile • •
30% poverty rate Latino Population
The NMTC loan was critical to the purchase of two separate sites for continuation of full service 9,076 square foot facilities, including processing facilities and a chapel and a reception area for services including Forwarding of Remains, Immediate Burial, Direction Cremation with Services and Viewing, pre-need insurance and other related products and services. The Flores Harding facilities provide discounted service packages at prices less than 50 percent or more over competing providers in the surrounding area; thus preserving a family’s financial integrity during a vulnerable time. In addition, the business referral network fostered by Flores Harding operations for cemetery, church, and other related services including flowers, transportation and catering have contributed to the economic vitality for employment and services serving the local Latino community. The purchase price for the combined acquisition was financed with the assistance of a $1.7 million NMTC advance by Chicanos Por Las Causa, Inc’s financing entity, Comercio Arizona Real Estate I CDE, LLC. Nonstandard terms were incorporated at an 8.5 percent interest rate.
Project Highlights • • • •
Real Estate: 2 buildings for funeral services Total Project Cost: $1.7 million NMTC: $1.6 million loan Financing Entity: Comercio Arizona Real Estate I CDE, LLC
New Markets Tax Credit Coalition • 1250 Eye St., NW, Ste. 902• Washington• DC• 20005• 202.204.4500 or www.newmarketstaxcreditcoalition.org
