NEW YORK, NY – November 3, 2025 – NYC Regional Community Development (NYCR-CDE) is pleased to announce the closing of $20 million in New Markets Tax Credit financing to support working capital and operating costs of seven Head Start early childhood education centers in Brooklyn and the Bronx.  The new centers will be run by Grand Street Settlement (Grand Street), one of the largest and most impactful social services organizations in New York City.  Grand Street offers safe and nurturing early childhood education programs for children from age 6 weeks up to 5 years.

The financing will support new early childhood center programs operating in Sunset Park, Brooklyn and Pelham Parkway, Mount Eden, Mott Haven, West Farms, and Crotona Park neighborhoods in the Bronx.   The capital will create four new facilities with the capacity to serve 292 children and expand the capacity of three existing facilities to accommodate 177 children.  

“This New Markets Tax Credit 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.  “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.”

“High quality programs like Grand Street lay the groundwork for future success by developing key skills for children throughout the city,” said George Olsen, Co-Founder of NYCR-CDE.  “We are honored and excited to assist the great work of Grand Street.”

“Access to affordable early childhood education is crucial for parents’ job stability and supports the city’s overall economic health,” said Paul Levinsohn, Co-Founder of NYCR-CDE.  “This infusion of capital furthers Grand Street’s mission to expand access to affordable child care for low-income families in New York City.” 

Grand Street has been providing quality programs and services to children and families in need for 109 years.  This is the first time that the non-profit is expanding their services in the Bronx. 

“The Bronx has the least number of center-based child care options for families in the entire city of New York,” said Cordero.  We are looking to change that.”

Grand Street was established in 1916 to support families of immigrants arriving in New York City seeking housing and employment opportunities.  Today, Grand Street serves over 18,000 New Yorkers and has grown exponentially over the past decade, with a network of over 45 community centers, schools, and partnership sites supporting underserved neighborhoods throughout New York City.  Grand Street centers employ a hands-on learning approach that encourages children to follow their curiosity and explore through play.  Children with physical and learning disabilities are supported by expert staff in integrated classrooms to ensure a safe and comprehensive learning environment.

The $20 million transaction utilized a portion of a previous $45 million New Markets Tax Credit award from the U.S. Department of Treasury to NYCR-CDE.  To receive a New Markets Tax Credit allocation award, NYCR-CDE was required to demonstrate a mission and track record of providing investment capital for low-income communities.

Since 2016, NYCR-CDE has received seven separate annual tax credit awards totaling $315 million.  Examples of previous fundings include:

• Construction of the National Urban League’s new headquarters in Harlem
• Redevelopment of the Major Owens Community Center in Brooklyn
• Redevelopment of the Armory Track & Field Center in Washington Heights
• Expansion of St. John’s Episcopal Hospital Center in Far Rockaway
• Construction of eleven charter schools
  • $23 million for DREAM in the South Bronx
  • $20 million for Achievement First Linden Middle School in Brooklyn
  • $20 million for KIPP NYC in the Bronx
  • $19 million for Bold Charter School in the Bronx
  • $18 million for Neighborhood Charter School in the Bronx
  • $18 million for Promise Academy II in East Harlem
  • $15 million for Comp Sci High in the Bronx
  • $15 million for DREAM in the South Bronx
  • $15 million for Charter School for Law and Social Justice in the Bronx
  • $11 million for Ascend Charter Schools in Brooklyn

The New Markets Tax Credit Program was created by Congress in 2000 in an effort to stimulate private investment and economic growth in low-income neighborhoods and rural communities that lack access to capital. Historically, low-income communities often have difficulty attracting investment.  The program aims to break this cycle of disinvestment by attracting the private investment necessary to reinvigorate struggling local economies. Private capital is incentivized by providing federal income tax credits to investors in exchange for making equity investments in low-income neighborhoods.