April 4, 2013
Enterprise Community Investment, Inc.
Enterprise Community Loan Fund
Nonprofit Finance Fund (NFF)
announce the closing of New Markets Tax Credit (NMTC) financing for the new construction of a three-story, community health center in
serving the Diamond Neighborhoods.
The new 22,942-square-foot center will serve 12,800 patients annually, tripling the capacity of the existing Family Health Centers of
(FHCSD) center in the Diamond Neighborhoods. FHCSD is the largest Federally Qualified Health Center (FQHC) in the city and the second largest in the U.S. It provides services to low-income patients in large parts of central, south and east
and surrounding communities in
San Diego County
Enterprise Community Investment, Inc. is providing
in NMTC allocation with Chase providing the NMTC equity investment. Enterprise Community Loan Fund and Nonprofit Finance Fund are each providing
in loans to bridge a portion of the U.S. Department of Health and Human Services, Health Resources and Services Administration's
capital grant. FHCSD is contributing the land for the project and more than
in cash to the project.
"This project demonstrates the positive impact of New Markets Tax Credits funding on communities. The new health facility will help revitalize a community and at the same time help meet patient demand for medical services in the Diamond Neighborhoods," said
, senior vice president, Structured Finance at Enterprise. "The need and delivery of health services will increase with the full implementation of the Affordable Care Act in 2014."
Federally Qualified Health Centers are nonprofit community health centers that provide primary health care to low-income individuals and families regardless of insurance coverage or ability to pay. FQHCs are an important resource for delivering quality, affordable health care in low-income communities. Construction on the new center began in
with expected occupancy in
"The many health centers we work with are caught between the desire to meet rising patient demand and the challenge of inadequate financing or physical space. Through this deal, we are glad to be helping the second largest FQHC in the country have the space to better meet its patients' needs," said
, managing director, Financial Services, for Nonprofit Finance Fund.
The new community health center will feature 29 exam rooms, 5 dental stations and 4,562 square feet of office and administrative space. The center will provide office and community space to support additional health programs. The expanded FQHC will also add approximately 60 permanent jobs in the community. The building will have Cal-Green certification, the statewide green building standard.