Case study : Muller Residential Job Training Facility
The Muller Residential Job Training Facility is a $15.5 million dollar tax-credit project that will provide housing and support for the homeless by the Doe Fund. The Doe Fund is a New York nonprofit organization whose mission is to develop holistic programs to break the cycles of homelessness, addiction and criminal recidivism. The development of the residential job training center is situated at a former Bronx Army Reserve center. The 55,000 square foot facility will help and serve 200 homeless individuals at any given time by providing them with education and occupational training, group counseling, job placement and transitional work and housing.
Funding sources for this project include $9.5 million NMTC financing provided by Citibank NMTC Corp, along with $6 million of NMTC allocation provided by DV Community Investment LLC. Citibank also provided $4.8 million of NMTC equity, a $10.7 million leverage loan, and a $4.9 million direct loan to the project.
Goldstein Hall PLLC served as co-counsel representing The Doe Fund, Inc. in the development of an occupational training and transitional housing facility for homeless individuals. The project was financed utilizing New Markets Tax Credits. Goldstein Hall PLLC assisted The Doe Fund, Inc. in the acquisition, construction and financing of the project, negotiating the construction contract and various project and loan documents.
The development of the Muller Job Training Facility will have a significant impact on the local homeless community. The new facility will house and serve 200 homeless people, with an average stay of six months. The Project will create up to 40 construction jobs, 75 permanent, quality, full-time jobs, and offer education and training to all employees through its internal training school.