TxCDC Subsidiary Texas Community Development Capital Announces Allocation of $5 Million of New Markets Tax Credits to LifeWorks Austin

Texas Community Development Capital (TxCapital), a subsidiary of TxCDC that has authority under the U.S. Treasury to allocate New Markets Tax Credits to commercial development, is pleased to announce it has allocated $5 million of New Markets Tax Credits to LifeWorks Austin for a new $10 million, 31,000-square-foot building that will help LifeWorks expand its mental health, education and literacy services. The new East Austin Youth and Family Resource Center, located at 835 N. Pleasant Valley Road, will provide more space for programs such as English as a Second Language classes, counseling and services for youth who are aging out of foster care.

LifeWorks provides the most comprehensive network of support services for at-risk youth and families in Austin, offering a safety net of support to more than 10,000 families every year. Services provided to youth and their families include shelter, counseling, life-skills training, General Educational Development (GED) classes and transitional housing. “This new facility, strategically located next to Austin Community College’s Eastridge Campus, will allow LifeWorks to serve 25 percent more clients,” said LifeWorks Executive Director Susan McDowell.

A special thanks to Capital One for participating in this transaction.

TxCapital was awarded $75 million New Markets Tax Credits for Texas by the U.S. Treasury’s Community Develop Financial Institutions Fund in 2009. “We are proud to be a part of a grand solution for the young people of Central Texas,” said TxCDC Chairman Paul Tovar.