Wainwright Bank Provides $10 Million in New Markets Tax Credits and $7.4 Million in Financing to ...( BOSTON April 22 /- Wainwright Bank &a...),Health

BOSTON, April 22 /PRNewswire-FirstCall/ -- Wainwright Bank & Trust Company (Nasdaq: WAIN), announced today that it has recently closed on a complex New Markets Tax Credit financing structure for Hope House, a non-profit with a 50-year history of providing clinical treatment, job training and job placement for recovering alcoholics and substance abusers.

The Bank provided $10MM of New Markets Tax Credit Allocation (as the controlling entity of AI Wainwright LLC) as well as $7.4MM of loans to facilitate Hope House's move to 34,000 sq feet of new programmatic and administrative space in the Roxbury neighborhood of Boston. Additionally, this project is LEED Silver certifiable with green design features such as photovoltaic panels and a geothermal heating system. The goal of Hope House rehabilitation services is to provide a structured and comprehensive environment to support a client's recovery from alcohol and drug abuse in a clean, safe, comfortable, and supportive home environment and to encourage an independent lifestyle. Its new green facility with the affordable financing provided through this transaction will allow Hope House to lower their fixed costs and use the additional cash flow to expand their programming.

"Wainwright Bank's creative approach to financing and strong support of our mission has been integral to Hope House's success. We are excited to provide a new and wonderful home for our residents. Thanks to Wainwright, we will be able to better serve our clients as they move through recovery and become productive members of their communities," said Hope House Executive Director Tom Duffly.

In making the announcement, Jan A. Miller, President/CEO stated, "We are pleased to team with Hope House to enable them to build their new facility and continue to provide their valuable rehabilitative serv
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