When members of the Puerto Rican community in Boston founded the grassroots organization Inquilinos Boricuas en Acción (IBA) in 1968, it would have been hard to imagine the world today.
Since that long ago time, IBA has grown immensely and now the organization is making a $33 million investment in the heart of Boston with La CASA: The Center for Arts, Self-determination, and Activism. This four-story building in the South End will be a beacon for Latino arts and culture, affordable housing and community empowerment.
La CASA brings IBA's bold vision full circle to empower individuals and families to improve their lives and achieve socio-economic mobility through high-quality affordable housing, education, financial and resident empowerment and arts programs.
This vision is being constructed with an innovative $20 million New Markets Tax Credits (NMTC) allocation and tax-exempt bond purchase led by TD Bank.
Michael Cooper, President of TD Community Development Corporation (TDCDC), a wholly owned subsidiary of TD Bank, noted that TD seeks to invest in mission-driven organizations that contribute significantly to their local communities.
“Our deployment strategy has always been focused on anchor institutions that are reshaping the path to both social and economic mobility. IBA, with its 50-plus-year legacy, is deeply entrenched in every aspect of its community, from affordable housing and youth development to financial empowerment and the arts,” Michael said.
Expanding IBA’s mission of empowerment
For more than 55 years, IBA has been at the forefront of affordable housing, arts programming and education in Boston. The organization owns and operates 667 affordable housing units, serving families with an average annual income of less than $30,000. La CASA will bring all IBA’s operations under one roof, consolidating property management functions and increasing access to critical programs.
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“The new facility will dramatically increase IBA's programming and community outreach,” said Michael, noting that the space is projected to serve more than 2,500 individuals annually through resident services, youth development and financial education. An additional 5,000 people are expected to benefit from its arts programming.
IBA CEO Vanessa Calderón-Rosado, emphasized the role of artists from all walks of life and cultures in fostering thriving communities.
“Back in the '60s, our founders understood the power of the arts not only to celebrate our history, culture and heritage, but also as a vehicle to build communities that are vibrant, healthy and safe," Vanessa said.
A game-changing relationship
The success of La CASA hinges on the strategic relationship between IBA and TD Bank.
“As a Latino nonprofit, our ability to raise money is an uphill battle because we don’t have the kind of donor base that many other organizations have,” Vanessa said. “Working with an institution like TD Bank is a game changer—it’s the only way that we could make this project work.”
TD worked with IBA to create a financing solution that would meet the organization's need, with TDCDC and The Community Builders, Inc. collectively providing a $20 million NMTC allocation to support La CASA. In addition to TD Bank's $6.4 million NMTC investment, the bank also provided $12 million in tax-exempt bond financing to support La CASA
Michael described the project as an “important balance between economic and community impact,” praising the structure as a testament to TD Bank’s dedication to supporting underserved communities.
The NMTC financing model not only enabled the project but will also provide IBA with an approximate $5+ million subsidy in the form of debt forgiveness after a seven-year compliance period. “This deal involved significant legal, tax, and finance coordination and took three months to close. But the payoff is significant. IBA will walk away with a major subsidy and new facility to help ensure long-term financial stability for this critical community anchor,” Michael said.
Looking ahead
La CASA is expected to be completed in 2026, which aligns with the conclusion of IBA’s five-year strategic plan. This timing offers an opportunity to reassess the needs of the New England community and set new priorities.
“This is not just about dreaming but really understanding where the community is now,” Vanessa said. “La CASA will allow IBA to pivot and address the challenges of a new day while continuing to serve as a resource for the Latino and broader community.”