Family House at Mission Bay Closes New Markets Tax Credit Financing

February 2, 2015

Congratulations to our client, Family House, Inc., on closing its transaction to fund the new Nancy and Stephen Grand Family House at Mission Bay, a New Markets Tax Credit (NMTC) Targeted Populations project in San Francisco, CA. Since 1981, Family House has been providing temporary accommodations to families of seriously ill children being treated at the UCSF Parnassus campus. With the opening of the new University of California San Francisco Benioff Children’s Hospital in the Mission Bay neighborhood of San Francisco, Family House will continue to provide housing and emotional support to low-income families whose children are being cared for at the Benioff Children’s Hospital. The new Family House consists of a 96,000-square-foot facility that will include approximately 80 family rooms and suites, communal kitchens and other associated common areas, and program space to support families of patients. Financing for the project includes a $23,000,000 line of credit from the Northern Trust Company, an $11,051,000 NMTC loan from Northern California Community Loan Fund, NMTC equity financing from Capital One (Capital One’s first transaction in California as an NMTC investor), and private donations. Goldfarb & Lipman has been honored to assist Family House in fulfilling its mission to provide care and support to families and children during very difficult times.