SAN DIEGO, April 4, 2013 /PRNewswire/ -- Enterprise Community Investment, Inc., Enterprise Community Loan Fund, Nonprofit Finance Fund (NFF) and Chase announce the closing of New Markets Tax Credit (NMTC) financing for the new construction of a three-story, community health center in San Diego 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 San Diego (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 San Diego and surrounding communities in San Diego County.
Enterprise Community Investment, Inc. is providing $9 million in NMTC allocation with Chase providing the NMTC equity investment. Enterprise Community Loan Fund and Nonprofit Finance Fund are each providing $3.1 million in loans to bridge a portion of the U.S. Department of Health and Human Services, Health Resources and Services Administration's $8.57 million capital grant. FHCSD is contributing the land for the project and more than $400,000 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 Joseph Wesolowski, 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 November 2012 with expected occupancy in October 2013. "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 Norah McVeigh, 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.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts