First Horizon Bank, Catholic Charities and AltCap Leverage New Markets Tax Credits to Build $25 Million Family Opportunity Center

Rhea-AI Summary

First Horizon Bank (FHN) is working with Catholic Charities and AltCap on tax-credit financing for a new Houston Family Opportunity Center.

The project requires a $25 million total investment and is slated to open in 2028. Catholic Charities has raised $17.5 million in private and foundation gifts. New Markets Tax Credits provided by First Horizon and AltCap represent nearly 10 percent of the total needed. The 60,000-square-foot center will offer food assistance and other nonprofit services. Under the financing program, investors receive federal tax credits in exchange for qualified investments.

Positive

• Minor pointFirst Horizon's New Markets Tax Credit financing with AltCap supports Catholic Charities' $25 million Houston center.

Negative

• None.

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HOUSTON, Nov. 13, 2026 /PRNewswire/ -- First Horizon Bank (NYSE: FHN) (or "First Horizon") today announced it is working alongside Catholic Charities of the Archdiocese of Galveston-Houston and AltCap to implement an innovative financing solution to build a new 60,000-square-foot facility that will significantly improve access to food and other services for low-income Houstonians. The new Family Opportunity Center in north Houston will leverage New Markets Tax Credits (NMTC) provided by First Horizon Bank and the Community Development Financial Institution (CDFI) AltCap.

Slated to open its doors in 2028, the Family Opportunity Center will feature a market-style food pantry, thrift store, and access to the nonprofit's services, including mental health counseling, parenting classes, rental assistance and job readiness resources. It will also provide space for community and first responders during natural disasters, along with ample warehouse space for food storage.

The total investment for the center, located at 9111 Jensen Drive, is $25 million. To date, Catholic Charities has raised $17.5 million in private and foundation gifts. The NMTC represents nearly 10 percent of the total needed.

Congress established the NMTC to encourage private-sector investment in low-income communities, including the future location of the Family Opportunity Center. Under the program, CDFIs such as AltCap are awarded tax credit allocations from the U.S. Department of the Treasury and deploy them to support projects that deliver measurable community benefits. Investors, including financial institutions like First Horizon Bank, receive federal tax credits in exchange for qualified investments. This investment structure enables community-serving projects, such as the Family Opportunity Center, to access favorable financing and move forward when traditional financing alone may be insufficient.

"We are proud to work alongside Catholic Charities and AltCap to provide financing for the Family Opportunity Center," said Yasmin Huebinger, Houston Commercial Banking Leader for First Horizon Bank. "This investment reflects First Horizon's commitment to strengthening the communities we serve, expanding economic opportunities and driving sustainable growth that benefits families and the broader Houston community."

"As Catholic Charities continues its Building to Serve Capital Campaign, the Family Opportunity Center stands as a testament to what can be achieved when nonprofit organizations, community development partners and financial institutions align resources around a shared vision," said Michael D. Hansen, president and CEO of Catholic Charities. "The cooperation among Catholic Charities, AltCap and First Horizon Bank illustrates how innovative financing can help transform lives and strengthen communities across the Houston region."

"As a CDFI that has been helping to increase access to capital for Houston entrepreneurs and small businesses since 2022, AltCap is excited to demonstrate how we can also support high impact community investments like the Family Opportunity Center using the NMTC Program," said Ruben Alonso III, CEO of AltCap. "We look forward to continuing to bring capital and other resources to underserved communities and small businesses throughout Houston as well as Harris County." 

The Catholic Charities Family Opportunity Center is AltCap's first NMTC investment in Texas. Since its founding, AltCap has deployed nearly $350 million in capital, from microloans to NMTC financing, to entrepreneurs and communities often overlooked and underserved by traditional financial institutions.

For more information about Catholic Charities' Family Opportunity Center, visit the Catholic Charities website.

About Catholic Charities 
Catholic Charities of the Archdiocese of Galveston-Houston brings help and hope to people in need, especially the poor and vulnerable. Through a network of life-changing programs that work together to alleviate poverty, we serve thousands of people each year from locations in Harris, Fort Bend and Galveston counties. As the social services arm of the Archdiocese, we are guided by the Catholic faith to serve people of all beliefs in achieving self-sufficiency so they can live with dignity. Catholic Charities is a United Way agency, founded in 1943. We are people of faith, helping people in need. For more information about Catholic Charities of the Archdiocese of Galveston-Houston, visit www.catholiccharities.org.

About First Horizon
First Horizon Corporation (NYSE: FHN), with $84.3 billion in assets as of September 30, 2026, is a leading regional financial services company, dedicated to helping our clients, communities and associates unlock their full potential with capital and counsel. Headquartered in Memphis, TN, the banking subsidiary First Horizon Bank operates in 12 states concentrated in the southern U.S. The Company and its subsidiaries offer commercial, private banking, consumer, small business, wealth and trust management, retail brokerage, capital markets, fixed income, and mortgage banking services. First Horizon has been recognized as one of the nation's best employers by Fortune and Forbes magazines and a Top 10 Most Reputable U.S. Bank. More information is available at www.FirstHorizon.com.

About AltCap
www.AltCap.org is a for-purpose and impact-driven CDFI committed to increasing access to capital and resources to entrepreneurs and communities that fall outside the financial mainstream. Our range of financing capabilities span small business and micro loans to New Markets Tax Credit financing. To date we have deployed nearly $350 million to job creating small businesses and high impact real estate development projects in communities underserved and overlooked by traditional financial institutions.

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SOURCE First Horizon Bank

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What is First Horizon's role in financing the Houston Family Opportunity Center?

First Horizon and AltCap are providing New Markets Tax Credits for Catholic Charities' Family Opportunity Center. The tax credits represent nearly 10 percent of the total needed for the $25 million project. The program provides federal tax credits to investors in exchange for qualified investments.

When will the Family Opportunity Center supported by First Horizon open?

The Family Opportunity Center is slated to open in 2028 in north Houston. The 60,000-square-foot facility will provide a market-style food pantry and access to Catholic Charities' services.