SBCS Qalicb

SBCS QALICB was established in February 2023 to perform the functions of, and/or to carry out the purposes of, certain specified charitable organizations the primary purpose of which are to provide children, youth and families with services and programs which reinforce the familys role in our community and which assist individuals to aspire realistically to lives of self-fulfillment, which are organized and operated exclusively for charitable purposes within the meaning of Section 501(c)(3) of the Code.SBCS is constructing a new facility to lease the property as a qualified active low-income community business (the Project). Funding for the Project was secured from multiple sources and the funders required that a separate corporation hold the land and the building. Therefore, SBS QALICB was formed in 2023, to be operated at all times exclusively for the benefit of, to perform the functions of, and/or to carry out the purposes of SBCS. In 2023, SBCS QALICB acquired the land and building from SBCS at the financial closing date of May 4, 2023. Construction of the Project is expected to be completed during the year ended June 30, 2024.Construction of the new facility constitutes a qualified active low-income community business defined in Section 45D of the Internal Revenue Code of 1986, as amended (the Code) and was financed with qualified low-income community investment loans from CCP NMTC SUB-CDE XXI, LLC and Catalyst CDE-28, LLC and generated New Market Tax Credit financing.