Community First Fund Received $10 Million Investment from the US Treasury

Lancaster, PA (October 11, 2017) – Community First Fund, a nonprofit Community Development Financial Institution (CDFI) headquartered in Lancaster, PA, was recently awarded a $10 million investment from the U.S. Treasury Department’s Community Development Financial Institutions Fund (CDFI Fund). This investment is part of the CDFI Fund’s Bond Guarantee Program, which provides long-term, fixed-rate capital for projects in low-income communities throughout our nation. Community First Fund was one eight CDFIs to receive the investment through the Opportunity Finance Network, the leading national network of CDFIs.
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Community First Fund Awarded $1.9 Million from the US Treasury

Lancaster, PA (September 21, 2017) – Earlier this week, Community First Fund, a nonprofit Community Development Financial Institution (CDFI), was awarded two grants from the U.S. Treasury Department’s Community Development Financial Institutions Fund (CDFI Fund) totaling $1.9 million. Community First Fund received one of the largest grants in the nation.

The CDFI Fund awards are intended to help spur job creation and economic growth in communities across the country. Community First Fund was one of 303 organizations selected nationwide from a highly competitive grant application process, and one of only 8 recipient organizations in Pennsylvania. This is the sixteenth time the Lancaster-based economic development organization received an award from the CDFI Fund.
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Community First Fund Announces Senior Lender in Lancaster Office

Angel Rosario

Lancaster, PA (September 12, 2017) – Community First Fund announces the appointment of Angel Rosario as Senior Community Lender for Lancaster County.  Rosario will be working out of Community First Fund’s office located at 51 South Duke Street in Lancaster.

A resident of Ephrata, Rosario has over 10 years of financial services experience, including consumer and commercial relationship management. Prior to joining Community First Fund, he held management positions at FNB, Metro Bank and Bank of America.

Angel attended Northampton Community College and Kutztown University where he studied business administration and finance.

Community First Fund Announces New Business Development Associate for Capital Region Office

Elyse Irvis

Harrisburg, PA (July 24, 2017) – Community First Fund, a non-profit community development financial institution headquartered in Lancaster, announces the appointment of Elyse Irvis as Business Development Associate for the Capital Region. In this newly created position, Irvis will be working to build connections in the Harrisburg market, educate the community on the organization’s product and service offerings, and meet with potential loan applicants. She will be working out of Community First Fund’s Harrisburg office located at 922 North 3rd Street.

Prior to joining Community First Fund, Irvis worked at Sponsors for Educational Opportunity, City Year Philadelphia, and as an AmeriCorps VISTA volunteer with the Philadelphia Higher Education Network for Neighborhood Development.

Irvis, a resident of Harrisburg, holds a Bachelor of Arts degree in Sociology and International Relations from Syracuse University.
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Community First Fund NMTC Allocation Project Featured in Industry Publication

Lancaster, PA (July 18, 2017)  – A major revitalization project currently underway in the heart of Reading Pennsylvania is featured in the latest issue of the Novogradac Journal of Tax Credits.

Earlier this year, Community First Fund provided Shuman Development Group with a New Markets Tax Credit (NMTC) allocation for the extensive renovation of the former, historic Abraham Lincoln Hotel located in downtown Reading. The Lincoln Towers revitalization project is transforming the old hotel into a vibrant, mixed-use complex that will contain 98 affordable-rate apartments, 10 retail spaces and an adjacent 310-spot parking garage.
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Community First Fund Announces New Vice President in Lehigh Valley Office

John Scott

Lancaster, PA (April 17, 2017) – Community First Fund announces the appointment of John Scott as Vice President, Community Lending for the Lehigh Valley. Scott will be working out of Community First Fund’s office located at 612 W. Hamilton Street in Allentown.

A resident of Upper Milford Township, Scott has over 15 years of financial services experience, including consumer and commercial relationship management. Prior to joining Community First Fund, he held management positions at PNC Bank, Santander Bank and Citizens Bank.

Scott attended Kutztown University where he studied economics and accounting. He currently serves as a board member for the Northeast Berks Chamber of Commerce and board member and treasurer for Live, Learn & Play.
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Community First Fund and Zamagias Properties Announce Funding for Major Lancaster Redevelopment Project with $8 Million New Markets Tax Credit Investment

Lancaster, PA (April 10, 2017) – This afternoon Daniel Betancourt, president and CEO of Community First Fund, along with David Martens, president and CFO of Zamagias Properties, Lancaster Mayor Rick Gray, Lancaster County Commissioner Dennis Stuckey, State Representative Mike Sturla, and Gerald Meck, Community First Fund board member, formally announced a significant New Markets Tax Credit (NMTC) allocation for a major revitalization project in the heart of Lancaster.

Zamagias Properties received an $8 million New Markets Tax Credit (NMTC) allocation from Community First Fund for the extensive renovation of the former Bulova Building located at 101 North Queen Street. The $28.5 million revitalization project, previously announced by Zamagias earlier this year, involves the transformation of the vacant manufacturing facility into a vibrant, mixed-use complex which will be named 101 NQ. Once completed, 101 NQ will contain 21,000 square feet of retail space, 90,000 square feet of office space, 35 apartment units, and 35 parking spaces. The top floor, which will house condominium units, is not covered by this allocation. The project is expected to create 195 full-time jobs in addition to 45 construction jobs.

“Our goal is to transform communities,” says Dan Betancourt. “This project will convert the most important, undeveloped property in the city into a hub of activity. It will make a significant impact on those that live and work in the city of Lancaster.”

This is the fourth project in Lancaster to receive a NMTC allocation from Community First Fund over the past three years. SACA’s Tec Centro training center received a $3.35 million allocation in 2014 and SACA’s Conestoga River Plaza project (16,150 square feet of commercial and retail space currently being developed at 902 South Duke Street), received a $4.5 million allocation in 2016. Last month, Community First announced a $6.25 million allocation to the Lancaster Chamber of Commerce and Industry for the purchase and renovation of its new headquarters at 115 East King Street. The $8 million allocation announced today brings the total NMTC allocations that Community First Fund has awarded to projects in Lancaster to $22.1 million.

The New Market Tax Credit Program (NMTC Program) is a prospective source of funding for the construction or major improvement of a commercial building in qualified census tracts, specifically where the poverty rate is at least 20% of the community. It incentivizes business and real estate companies to invest in these low-income communities through a federal tax credit. The program is directed by the US Treasury Department’s Community Development Financial Institutions (CDFI) Fund and allocated by local Community Development Entities (CDEs) across the United States. Community First Fund is one of those CDE’s and has provided $90 million in New Market Tax Credits to revitalize low-income communities throughout central Pennsylvania since 2013.
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Community First Fund and Ashley Development Corporation Announce Major Revitalization Project in the City of Easton

Easton, PA (April 6, 2017) – This afternoon Daniel Betancourt, president and CEO of Community First Fund, along with Louis Pektor, president of Ashley Development Corporation, The Honorable Salvatore Panto, Jr., mayor of Easton, Carlos Lopez, Community First Fund board member, April Niver, Economic Development Director, U.S. House of Representatives – 17th Congressional District of Pennsylvania, and Dr. Thomas Lubben, founder of the Easton Arts Academy Elementary Charter School, formally announced a significant New Markets Tax Credit (NMTC) allocation for a revitalization project in Easton.

30 North Fourth St., L.P., an affiliate of Ashley Development Corporation, received a $5 million New Markets Tax Credit (NMTC) allocation from Community First Fund for the renovation of the former Express-Times building, located on 30 North 4th St., which will house the future Easton Arts Academy Elementary Charter School. When construction is completed, the 41,149 square-foot building will contain 24 classrooms, dance and gymnastics studios, a theatre, cafeteria, and offices. It is expected that the school will create 68 new fulltime jobs in downtown Easton. Construction has already started and the school will open its doors in the fall of 2017.

The Easton Arts Academy Elementary Charter School, founded by Dr. Thomas Lubben, will play a big role in improving the quality of life for many in Easton. The school has filled almost all of their available K-5 student slots, with an estimated 90% of the enrollees coming from low income families.

“Early childhood education is critical to eliminating poverty and transforming communities,” says Dan Betancourt, CEO of Community First Fund. “These children are our future leaders and will grow while gaining an appreciation for learning and the arts. We are happy to support Ashley Development and the school as they work together to make this project a reality. ”

The New Market Tax Credit Program (NMTC Program) is a prospective source of funding for the construction or major improvement of a commercial building in qualified census tracts, specifically where the poverty rate is at least 20% of the community. It incentivizes business and real estate companies to invest in these low-income communities through a federal tax credit. The program is directed by the US Treasury Department’s Community Development Financial Institutions (CDFI) Fund and allocated by local Community Development Entities (CDEs) across the United States. Community First Fund is one of those CDE’s and has provided $90 million in New Market Tax Credits to revitalize low-income communities throughout eastern Pennsylvania since 2013.
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Community First Fund and Monarch Development Announce Major Construction Project in the City of Lebanon

Lebanon, PA (April 6, 2017) – This morning Daniel Betancourt, president and CEO of Community First Fund, along with Aaron Camara, president of Monarch Development, The Honorable Sherry Capello, mayor of Lebanon, Betsy Bowman, Executive Director of the Lebanon County Redevelopment Authority, and Daniel Beck, vice president, senior lending for Community First Fund, formally announced a significant New Markets Tax Credit (NMTC) allocation for a major construction project in downtown Lebanon.

Monarch Development, LLC, received a $5.5 million New Markets Tax Credit (NMTC) allocation from Community First Fund for the construction of a new strip mall in downtown Lebanon. Known as the Partridge Street Redevelopment Project, the shopping center will be built on a 3.25 acre tract of land which was purchased from the City of Lebanon and feature several out-parcels, including a national retail store and a restaurant. However, the primary feature of this project is the 13,000 square-foot grocery store that will anchor the strip mall. The USDA has designated this area a “food desert” due to the lack of access to full-service grocery stores with healthy food options. (Heavily populated areas become “food deserts,” which the U.S. Department of Agriculture defines as a low-income area where a substantial share of residents live more than 1 mile from a supermarket or large grocery store.)

“Providing access to a grocery store and healthy foods is a critical issue in underserved communities,” says Dan Betancourt. “This project will help make Lebanon a better and healthier place for low income individuals to live and prosper. We are proud to be assisting Aaron Camara with this project.”

The New Market Tax Credit Program (NMTC Program) is a prospective source of funding for the construction or major improvement of a commercial building in qualified census tracts, specifically where the poverty rate is at least 20% of the community. It incentivizes business and real estate companies to invest in these low-income communities through a federal tax credit. The program is directed by the US Treasury Department’s Community Development Financial Institutions (CDFI) Fund and allocated by local Community Development Entities (CDEs) across the United States. Community First Fund is one of those CDE’s and has provided $90 million in New Market Tax Credits to revitalize low-income communities throughout central Pennsylvania since 2013.
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Community First Fund and Shuman Development Group Announce Major Revitalization Project in Reading

Reading, PA (April 5, 2017) – This morning Daniel Betancourt, president and CEO of Community First Fund, along with Alan Shuman, president and CEO of Shuman Development Group, State Senator Judith Schwank, Berks County Commissioner Christian Leinbach, Randy Peers, president and CEO of the Greater Reading Chamber and Economic Development Corporation, and Jonathan Encarnacion, Community First Fund board member, formally announced a significant New Markets Tax Credit (NMTC) allocation for a major revitalization project currently underway in the heart of Reading.

Shuman Development Group received an $8.25 million New Markets Tax Credit (NMTC) allocation from Community First Fund for the extensive renovation of the former, historic Abraham Lincoln Hotel located at 100 North 5th Street. The Lincoln Towers project is an $11 million revitalization project which will transform the old hotel into a vibrant, mixed-use complex. Once completed, Lincoln Towers will contain 98 affordable-rate apartments, 10 retail spaces, and an adjacent 310 spot parking garage. The project is expected to create 60 full-time jobs in addition to 92 construction jobs.

Some tenants slated for this building include Abilities in Motion, the expansion of an existing, adjacent pharmacy, and the already established Abe’s By Chef Alan restaurant. The 10,000 square foot Presidential Ballroom will also remain open as a venue for weddings and other catered events.

The Lincoln Towers project is a renovation that will have a great impact on the city of Reading thanks to the affordable housing the project will provide. It demonstrates the commitment of both Shuman Development Group and Community First Fund to improving Reading.

“Our goal is to transform communities,” says Dan Betancourt. “Alan Shuman has proved time and again that he is dedicated to the revitalization of Reading and the quality of life for its residents. We are very pleased to be involved in a project that will create much-needed housing and new retail establishments in the city.”

This project is the third by Shuman Development to receive a NMTC allocation from Community First Fund over the past four years. The Big Mill Apartment project received a $6.75 million allocation in 2014 and the 645 Penn St. Project (former Exide Building) received a $6 Million allocation in 2015. The $8.25 million allocation announced today brings the total NMTC allocations that Community First Fund has awarded to projects in Reading to $21 million.

The New Market Tax Credit Program (NMTC Program) is a prospective source of funding for the construction or major improvement of a commercial building in qualified census tracts, specifically where the poverty rate is at least 20% of the community. It incentivizes business and real estate companies to invest in these low-income communities through a federal tax credit. The program is directed by the US Treasury Department’s Community Development Financial Institutions (CDFI) Fund and allocated by local Community Development Entities (CDEs) across the United States. Community First Fund is one of those CDE’s and has provided $90 million in New Market Tax Credits to revitalize low-income communities throughout central Pennsylvania since 2013.
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