News from City Hall
City Communications Office
City of Kansas City, Mo.
CONTACT: City Communications Office, 816-513-1349
FOR IMMEDIATE RELEASE: August 3, 2010
New Markets Tax Credit program delivers financing
to Synergy Services
Kansas City, Missouri Community Development CDE recently facilitated a $7 million transaction to provide business financing to Synergy Services, Inc., a homeless youth shelter and support services organization located at 2001 NE Parvin Road, Kansas City, Missouri.
"Synergy Services is a valuable community stakeholder so I am happy to see the City helping to support an organization that not only provides critical services to communities in the 1st District, but to communities throughout Kansas City,” said 1st District Councilmember Bill Skaggs.
Synergy Services recently completed Homeless Youth Campus includes the Synergy House shelter and the Youth Resiliency Center, a full service resource center offering basic services such as showers, lockers, access to a kitchen, mental health counseling, medical and dental care, life-skills training, a computer lab and an interactive learning center.
"Homelessness is affecting more Kansas City families than at any time in the last 70 years," said Mayor Mark Funkhouser. "More than 2,000 young people are homeless and on their own at any given time. This facility, which doubles Synergy's capacity to work with young people, is an asset to the entire community."
The Kansas City, Missouri Community Development CDE utilized $7 million of its 2009 New Markets Tax Credit allocation authority to allow Synergy Services to refinance a loan it had taken out to finance the Homeless Youth Campus as well as cover some ongoing operational costs. US Bank was the sole investor in the federal tax credits.
“Having just come off of a major capital campaign to fund the new Homeless Youth Campus, NMTC provided Synergy Services with the financial flexibility to begin shifting resources toward the critical services and programs it provides to area homeless youth,” said Ruben Alonso III, New Markets Tax Credit Program Manager for the Kansas City, Missouri Community Development CDE.
Synergy Services began in 1970 as Synergy House, the only shelter for runaway and homeless youth in western Missouri. Today, Synergy Services Inc. provides a full continuum of care to assist individuals and families with immediate respite from violence, and services which empower clients to find and choose good options for future safety and success.
"Having been intimately involved in the City’s budget process for the past three years, I know the City has had to make the difficult decisions to cut funding for many services” said 1st District-At-Large Councilmember Deb Hermann, “I am happy to see the City leveraging programs like NMTC to help provide funding to organizations like Synergy Services so that they are able to continue to deliver critical services to our most at-risk communities.”
Media inquires about this issue should be directed to Ruben Alonso III, 816-513-1021 or email@example.com.