Bond sale would facilitate rehab facility on Garland
Seattle-based nonprofit hasnt decided whether to proceed with projectJuly 27th, 2001
A proposed 72-bed, drug-and-alcohol-recovery facility to be located at 3422 W. Garland in North Spokane is among several projects being recommended for tax-exempt bond financing by the staff of the state Housing Finance Commission.
The projects were proposed by Seattle-based Pioneer Human Services, a nonprofit organization that provides social services to about 6,000 clients. The Housing Finance Commissions Bill Wortley says $950,000 in bonds for the proposed Garland project is included under a $7.1 million bond proposal that was recommended for approval by the commission this week. The balance of the proceeds would be used to finance projects in the Seattle and Tacoma areas.
A spokesman for Pioneer Human Services declined to comment on the proposed project on Garland, saying the organization wont decide for another two weeks whether to proceed with the purchase and remodeling of the facility.
Pioneer, which has provided drug and alcohol rehabilitation services since 1962, describes itself as an entrepreneurial nonprofit organization that improves the lives of its clients through employment and training, social services, and housing. The nonprofit corporation employs about 1,000 people and operates with an annual budget of about $55 million.
The Housing Finance Commission provides below-market financing for buying, building or preserving nonprofit capital facilities. The commission raises capital needed to fund such facilities by issuing bonds that have no direct financial impact on taxpayers provided that the recipients of the funds meet their repayment obligations.