Campus Opening Marks Fifth Successful Investment of Civic San Diego’s New Markets Tax Credits Program
SAN DIEGO – Marking the fifth successful investment of New Markets Tax Credits capital into San Diego’s urban neighborhoods, move-in day at Momentum Learning’s campus in Normal Heights represents a host of new opportunities for disadvantaged youth in San Diego County.
The New Markets Tax Credits Program helps provide capital to projects with substantial community services and benefits in distressed areas of San Diego, such as the renovation of the property at 3720 El Cajon Blvd. that will now house a new Momentum Learning campus. To date, the New Markets Tax Credits Program has invested $77.5 million across five projects to benefit San Diego’s urban neighborhoods.
“The dissolution of redevelopment meant that the resources many of our underserved areas in San Diego had used to encourage growth and investment were no longer available,” said Reese A. Jarrett, President of Civic San Diego. “At Civic San Diego, we are constantly looking for innovative ways to attract new development capital to these neighborhoods and we are proud of the success we have seen with the New Markets Tax Credits program. We can’t wait to see the impact this project will have in this area of Normal Heights and the difference it will make in the lives of its students.”
The San Diego County Office of Education’s Momentum Learning schools provide a fully accredited educational program for disadvantaged school-age youth who are either wards of the court, or have been referred by social services, probation or one of the 42 school districts in San Diego County. In addition to its standard programs, this campus will be the first of its kind to utilize Momentum Learning’s new model which will also teach students applicable skills like culinary arts, welding, and fabrication that will greatly expand opportunities for them to transition directly into living-wage jobs.
“You don’t have to spend much time on any Momentum Learning campus to see the tangible impact our dedicated teachers and staff have on the lives of our students,” said Stacy Spector, Principal of 37 ECB for the San Diego County Office of Education. “This new facility will open more doors to the potential our students have to succeed. At 37ECB our students experience real-world and authentic learning that provides them the opportunity to think critically to address ideas and solve problems that are meaningful to them. We are grateful to have had a program like the New Markets Tax Credits available to solidify the funding that made our vision for this campus a reality.”
New Markets Tax Credits program benefits can be used by either a nonprofit or for-profit borrower, can be used for real estate development or the support of ongoing operations, and are recommended for larger capital projects of $8 million or more. They are required to have community benefits such as improving access to goods and services or financing small businesses with a focus on creating living-wage jobs accessible to the surrounding community. Additionally, they must be vetted and recommended by an advisory board that is accountable to low-income communities in San Diego.
Additional projects and organizations that have recently benefited from the New Markets Tax Credits program include the Copley-Price Family YMCA in City Heights, Family Health Centers’ Health Information Technology Education and Career Center in Oak Park, Urban Corps of San Diego County in North Bay, and the Jackie Robinson Family YMCA in Mountain View.
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Civic San Diego is a nonprofit, public-benefit corporation created by the City of San Diego to engage in economic development, land use and permitting services for Downtown San Diego, and project management services.
Last modified: March 28, 2022
