Goodman Community Center (GCC)
Forward Community Investments provided predevelopment funds and New Markets Tax Credit advisory support that helped transform a vacant ironworks factory and neighborhood eyesore into the Goodman Community Center, a community hub and meeting place for thousands of adults and youth. The project increased visibility and space for GCC’s programs and resources, including a gym and fitness center, art rooms, a student-run café, a food pantry and various after-school activities.
The Goodman Community Center approached FCI about providing financing for predevelopment work and substantial technical assistance. FCI worked closely with the staff at Goodman Community Center to examine the organization’s financial capacity and identify strategies to raise the $12 million needed to purchase and rehabilitate the building.
Working collaboratively with a team of developers, attorneys and accountants, FCI helped structure the project financing that was complemented by a major fundraising campaign. As part of that strategy,
FCI facilitated the transfer of more than $5 million in New Market Tax Credits into the project. Through the technical assistance from FCI, the Goodman Community Center’s vision of an all-inclusive center became reality for neighborhood residents, young and old, socially and culturally diverse.
FCI is proud to have been one of Goodman’s many partners during its physical transformation. This is a positive investment that has already touched countless lives and will continue to give back to the Madison community for generations.
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Quotes
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"Without Forward Community Investments and a willingness to provide non-traditional financing, we would not be able to provide these programs.”
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"The workshop definitely helped to increase our awareness of capacity building, and the online self-assessment tool that was presented will be a great asset in making our program more effective.”
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"The predevelopment loan from Forward Community Investments made affordable development possible in times when capital is difficult to find."
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“FCI finds ways to finance projects that no others can. I truly believe you are all unique and outstanding.”
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"With affordable financing and a progressive mission that aligns with ours, Forward Community Investments has been a great fit.”
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In addition to providing us with a $60,000 loan for predevelopment expenses, Forward Community Investments facilitated the transfer of more than $5 million in New Market Tax Credits to this project. This access to capital meant that we were able to reach our goal earlier than expected – saving us valuable time and money.”
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"I think Forward Community Investments is truly a partner because a partner picks up where you leave off. It was fairly straightforward.”
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“Financing from Forward Community Investments allows us to make a greater impact on low-income and no-income families in Wisconsin.”
