Valley Cities Counseling and Consultation
Application Acceptance: June 13, 2019. Please note all information provided below is as of the date of the application submission with the exception of Loan Size & Closing Date.
Obligor: VCCC currently has thirteen service sites along with housing and inpatient clinics throughout King County. VCCC provides licensed mental health and chemical dependency treatment for youth and adults; supported employment and education services; outreach services and housing programs for the homeless; family support programs offering youth and family activities; and specialized veterans services that deliver counseling and family support services to veterans and their families as well as: 24-hour crisis services, wraparound planning, peer support, and vocational programs. VCCC also offers outreach to schools, homes, primary care clinics, hospitals, homeless, senior centers, and assisted living facilities throughout King County. VCCC’s psychiatric assessment and medication services are available to persons enrolled in their programs. They help over 18,400 people a year and their programs are designed to promote clients in their recovery towards optimal health and quality of life. VCCC integrates trained and certified Peer Support Specialists into all programs helping others to find hope and support in their recovery process. Services are also provided to meet the needs of children, youth and their families with mental illnesses or emotional disturbances.
Loan Size: $10,200,000
Description of Loan: Proceeds of the loan will be used to refinance a Bank of America, N.A. credit line, Housing Finance Commission loan, Rainier Community Development Funds loan, WHCFA Series 2009 Bond, and to pay costs of issuance.
Interest Cost Savings: It is anticipated by VCCC that it will save approximately $819,111 in interest costs over traditional taxable interest rate financing over the term of the loan.
Valley Cities is a not-for-profit agency with all revenue over expenses put back into the development, promotion, and delivery of behavioral healthcare and related human services for our clients. This funding will allow them to consolidate their debt at a lower interest rate thereby helping to lower their operating costs which will free up funds to provide much needed additional direct services to the community.
Purchaser: Bank of America, N.A.
Closing Date: September 20, 2019