{"id":16474,"date":"2025-11-05T11:39:38","date_gmt":"2025-11-05T17:39:38","guid":{"rendered":"https:\/\/1reason.com\/re\/new-york-city-regional-center-managed-entity-provides-funding-for-7-head-start-early-childhood-centers\/16474\/"},"modified":"2025-11-06T05:39:38","modified_gmt":"2025-11-06T11:39:38","slug":"new-york-city-regional-center-managed-entity-provides-funding-for-7-head-start-early-childhood-centers","status":"publish","type":"post","link":"https:\/\/1reason.com\/re\/new-york-city-regional-center-managed-entity-provides-funding-for-7-head-start-early-childhood-centers\/16474\/","title":{"rendered":"NEW YORK CITY REGIONAL CENTER-MANAGED ENTITY PROVIDES FUNDING FOR 7 HEAD START EARLY CHILDHOOD CENTERS"},"content":{"rendered":"
22, 2025 (GLOBE NEWSWIRE) — The New York City Regional Center is pleased to announce the closing of $20 million in New Market 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 (\u201cGrand Street\u201d), 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. <\/p>\n

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. <\/p>\n

\u201cThis New Market 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,\u201d said Robert Cordero, Chief Executive Officer of Grand Street. \u201cThanks to the creativity and dedication of our partners, we now have greater capacity to expand critical early childhood programs where families need them most.\u201d<\/p>\n

\u201cHigh quality programs like Grand Street lay the groundwork for future success by developing key skills for children throughout the city,\u201d said George Olsen, Co-Founder of New York City Regional Center. \u201cWe are honored and excited to assist the great work of Grand Street.\u201d<\/p>\n

\u201cAccess to affordable early childhood education is crucial for parents\u2019 job stability and supports the city\u2019s overall economic health,\u201d said Paul Levinsohn, Co-Founder of New York City Regional Center. \u201cThis infusion of capital furthers Grand Street\u2019s mission to expand access to affordable child care for low-income families in New York City.\u201d <\/p>\n

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. <\/p>\n

\u201cThe Bronx has the least number of center-based child care options for families in the entire city of New York,\u201d said Cordero. We are looking to change that.\u201d<\/p>\n

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.<\/p>\n

The $20 million transaction utilized a portion of a previous $45 million New Market Tax Credit award from the U.S. Department of Treasury to NYCR-CDE, a Community Development Entity managed by New York City Regional Center. To receive a New Market Tax Credit allocation award, NYCR-CDE was required to demonstrate a mission and track record of providing investment capital for low-income communities.<\/p>\n

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