September 29, 2008

Financing Campus Improvements

Astoria, Oregon

Financing Campus Improvements

Under the New Markets Tax Credit program, Craft3 directed $10.5 million of investment into a significant renovation of the CCC campus.

Established in 1958, Clatsop Community College (CCC) is the oldest accredited community college in Oregon. It offers training and instruction in professional technical fields and general education classes. In a region marked by a decline in fishing, logging, and wood products manufacturing, CCC serves individuals preparing for rural family-wage employment opportunities in emerging industries. To meet this burgeoning demand and legal requirements mandated by the Americans Disabilities Act, CCC pursued a $28 million renovation project on its historic campus.

In conjunction with numerous other public and private sources, and an investment from Wells Fargo Bank, Craft3 made $10.5 million of New Markets Tax Credit capital available to Clatsop Community College.

Craft3 financing helped to build Columbia-Pacific Hall, renovate Towler Hall and Patriot Hall, and demolish two dilapidated buildings. Campus upgrades included ADA accessibility and new elevators. Our investment in Clatsop Community College strengthens economic and family resilience by supporting economic growth, strengthening access to essential services and preserving assets.

Clatsop Community College retained 120 full-time jobs, leveraged $17.5 million in additional funds and equity for the school, assisted 400 low-income families and strengthened local ownership of real estate. Learn more  at