New Market Tax Credit Deal Allocates Grand Street Settlement with $20M to Strengthen and Expand

New Market Tax Credit Deal Allocates Grand Street Settlement with $3.2M to Strengthen and Expand

Grand Street Settlement proudly announces the successful closing of a $20 Million New Markets Tax Credit (NMTC) transaction that will generate $3.2 million to strengthen and support the expansion of our early childhood programs in The Bronx and Brooklyn.

Grand Street has grown exponentially over the past decade, with a $63 million operating budget and a network of over 45 community centers, schools, and partnership sites supporting neighbors throughout New York City.

This infusion of funds positions us to continue the expansion of Head Start and Early Childhood services by providing additional funds that will create flexibility for capital projects, broaden social services support, and more strategic initiatives.

“This NMTC investment is more than a financial transaction—it is a bold commitment to the future of children and families in New York City,” said Robert Cordero, Chief Executive Officer of Grand Street Settlement. “Thanks to the creativity and dedication of our partners, we now have greater capacity to expand critical early childhood programs where families need them most.”

This intricate and impactful financing was made possible through the collaboration of numerous partners including:

• Investor: Dudley Ventures/Valley National Bank

• Community Development Entity (CDE): NYC Regional Community Development (NYCR-CDE, LLC) and its manager New York City Regional Center

• Legal Counsel: Bocarsly Emden Cowan Esmail & Arndt LLP and ArentFox Schiff LLP

• NMTC Accountant: Novogradac & Company LLP

• Grand Street Settlement Financial Advisor: BTQ Financial

• Grand Street Settlement NMTC Consultant: Ashley Dills, United Fund Advisors, LLC 

Funding will support programs operating in Sunset Park, Brooklyn and Pelham Parkway, Mount Eden, Mott Haven, West Farms, and Crotona Park neighborhoods in The Bronx.

Grand Street extends our deep gratitude to our Board of Directors for championing this innovative approach to strengthening the organization’s financial foundation — especially Board President Bryan Koplin, Finance Chair Mario Tufano, and the board’s Finance and Executive committees whose vision and guidance drove this deal forward.