Preschool destroyed in North Bay wildfires gets key reconstruction financing
"People can make investments to the fund and have a local impact," Whitlock-Hemsouvanh said. "It's specifically for situations like ours, where we would not have been able to get a traditional loan."
After the wildfires, the preschool relocated to a smaller site near
The
Kelly said the model is similar to that of community development financial institutions, which utilize federal and private dollars to invest in distressed, low-income neighborhoods.
"Our goal is to basically be able to support projects that are not conventional," he said, adding that conventional development and financing models will not be able to replace the thousands of homes lost in last year's disaster.
But novel financing is not the only thing that's making the reconstruction of Mark West Community Preschool possible.
The school owners also have received help from their designer and builder,
EcoSteel founder
When he first talked to the preschool owners, they told him they were underinsured, he said. The owners weren't sure how they were going to cover the estimated
"The only way to get the school rebuilt would have been to contain construction costs," Hudson said. "We're going to try to continue donating products and services as we move forward."
After the fires,
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