Project Will Provide High-Quality Early Childhood Education and Health Care Services and Revitalize West Philadelphia Neighborhood
Cinnaire recently provided an $11.25 million New Markets Tax Credit (NMTC) allocation to support the development of New Market West in Philadelphia, PA. PNC Bank, as the NMTC investor, joined Cinnaire in the financing of this project.
New Market West is an innovative collaboration between Mission First Housing Group (MFHG) and ACHIEVability. MHFG’s mission is to develop and manage affordable, safe, and sustainable homes for people in need, with a focus on the vulnerable. They serve a diverse resident population that includes families, veterans, survivors of domestic violence, seniors and individuals with disabilities. ACHIEVability is a community-based non-profit supportive housing provider that works to break the generational cycle of poverty for low-income, single-parent, homeless Philadelphia families through their community service and holistic Family Self-Sufficiency Program (FSSP).
The New Market West development will consist of a community facility with commercial and retail space, as well as parking. Services provided at New Market West will include early childhood education, health care and social services. Montgomery Early Learning Centers will provide high-quality childhood education at New Market West. Horizon House, in partnership with individuals with disabilities and their families, will provide comprehensive, community-based services at the new facility. A second phase of the project intends to bring affordable housing located adjacent to New Market West.
“The New Market West development will not only revitalize the Market Street neighborhood in West Philadelphia but will also create a community that empowers people to live their best life,” said Mark McDaniel, Cinnaire president & CEO. “All people deserve the opportunities provided by living in healthy, vibrant communities. Cinnaire is proud to partner with the development team and community partners that made this project possible.”