How is the Hemenway Project being financed and funded?
Funding for the Hemenway Project—which marks the first major facilities initiative undertaken by the school in 50 years—comes from a mix of financing and fundraising. Of the total $30 million project cost, the Conservatory will raise $12 million in contributed funds and borrow $12 million long term with Wainwright Bank providing principal underwriting. In addition, the Conservatory has secured $5.6 million through the US Treasury Department’s New Markets Tax Credit program. The Massachusetts Housing Investment Corporation (MHIC) acted as principal syndicator of those credits, with participation of the Non Profit Finance Fund and Coastal Enterprises, Inc., of Maine.
