Mary’s Center Health Clinics In Nation’s Capital Receive Financial Injection From U.S. Bank And City First Bank Of DC

Mary’s Center, a healthcare provider to the uninsured and underinsured in Washington, D.C., today announced that U.S. Bank, lead bank of U.S. Bancorp (NYSE: USB), is sponsoring the organization’s annual Noche Tropical sold-out gala event on Tuesday evening, October 25, which celebrates Mary’s Center 23 year legacy and raises funds to expand its programming and reach within the community.

Recently, U.S. Bank provided $5.5 million in financing to support the organization’s acquisition and expansion of existing facilities on 2333 Ontario Road, N.W., and for construction of a new clinic at 3912 Georgia Avenue, N.W.

“With the $20 million expansion and renovation project, Mary Center expects to go from 19,000 to 24,000 participants served by the end of 2011,” stated David Tatro, chief operations officer at Mary’s Center. “Also, the number of our employees increased to nearly 270, who speak more than 35 different languages.”

The public-private expansion project was made possible through the use of the federal New Markets Tax Credit (NMTC) Program, which encourages the investment of private capital into designated low income communities to spur community and economic revitalization. U.S. Bancorp Community Development Corporation (USBCDC), (USBCDC, a subsidiary of U.S. Bank, served as NMTC equity investor, purchasing tax credits from an affiliate of City First Bank of DC called City First New Markets Fund II LLC, which committed $20 million in NMTC allocation authority to the project. USBCDC and City First Bank first teamed up in 2005 to finance the renovation of the Atlas Performing Arts Center on H Street NE and have since collaborated to support the construction of Habitat for Humanity homes in D.C. and in other cities including Charlottesville, Baltimore and Philadelphia, the mixed use development of Park Triangle in Columbia Heights, and the expansion of Bread for the City’s clinic and facility in Shaw.

NMTC financing allowed Mary’s Center to upgrade its 2333 Ontario Road complex, which has served the area’s low income residents for the past 17 years. The three buildings in the complex include its headquarters and community health center facilities located in two adjacent buildings at 1707-1711 Kalorama Road, N.W. In addition, Mary’s Center also acquired a 26,000 square foot facility at 3912 Georgia Avenue, N.W. that is now being used as a second clinic, and as a charter school operated by Education Strengthens Families Public Charter School. The new facilities created approximately 50 permanent jobs in healthcare and over 500 temporary construction related jobs in an area that is considered highly distressed according to Tatro.