Civitan Services - Crews & Associates, Inc.

Civitan Services of Benton, Arkansas is a non-profit serving the needs of children and adults with developmental disabilities. It began in 1958 and has grown over the years and now operates in three service areas. Historically, Civitan had received funding from the United States Department of Housing and Urban Development (“HUD”) and traditional banks for capital improvement projects.

The Solution

Crews introduced Civitan to long-term, tax-exempt bond financing as a solution to financing their capital needs for educational, vocational, therapeutic and housing facilities and financed a $1,590,000 non-rated transaction. Crews structured a single pooled bond issue that provided loans to three separate Civitan entities in order to:

Expand rehabilitee their facilities for educational and life skills training;

Rehabilitate facilities for independent and supportive living; and

Refinance a high interest rate HUD loan

The Difference

Crews worked hard to serve our client in extraordinary ways by:

Introducing a new tax-exempt financing option that provided lower and longer-term interest rates than Civitan’s traditional financing options;

Negotiating with HUD for the refinance of a high, 9.25% interest rate HUD loan without reducing HUD assistance payments that were helping to support the high interest loan.