Those funds are allocated through the Dayton Region New Market Fund, a CityWide affiliate.
The new facility will be three stories tall, equipped with 42 guest rooms. Construction on the 38,000 square-foot building is expected to be complete late next year.
“The $21 million investment will allow the house to meet the increase in demand driven by the growth of pediatric healthcare specialties in Dayton,” CityWide said. “The nonprofit strives to accommodate all families in need, but limited space has led to families being turned away in recent years.”
“Imagine having to say to a family with a critically ill child, ‘I’m sorry we don’t have a room available for you tonight.’ Last year we had to say this to 963 families. We currently turn away more families than we serve,” Rita Cyr, chief executive of Ronald McDonald House Charities Dayton, said in CityWide’s announcement.
“Soon, thanks to community support, (New Market Tax Credit) funding and the completion of our total project, we will be able to say, ‘Yes’ to every family seeking our services,” Cyr added.
CityWide is a non-profit development organization. The U.S. Treasury issues New Markets Tax Credits to community development entities like CityWide, who look for worthwhile projects that could benefit from the credits. The idea is to encourage investment in distressed areas.
“We are pleased to support this important community resource through (New Market Tax Credit) financing. The expanded facility will provide needed respite to families during a most difficult time,” said Dan Kane, CityWide president.
Community development investments in that area of North Dayton have totaled more than $500 million over the last decade, CityWide said.
To date, CityWide said it has received $229 million in federal and state New Market Tax Credits, making possible an investment of some $745 million in the region.
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