In Tight Credit Environment, Landmark New Markets Tax Credit Program Provides Below Market Financing to Expand Primary Care, Create Jobs in Low-Income Communities
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RYE BROOK, N.Y., Oct. 15 /PRNewswire-FirstCall/ -- The Primary Care Development Corporation (PCDC), with support from HSBC Bank USA (HSBC), today announced a New Markets Loan Fund - $40 million in low-cost, long-term financing to develop primary care centers in economically distressed communities throughout New York State. This landmark investment in primary care is made possible by the U.S. Dept. of Treasury's New Markets Tax Credits (NMTC) Program, and is the largest NMTC transaction to date specifically targeting primary care. The announcement was made at the annual conference of the Community Health Care Association of NYS in Rye Brook, New York.
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The fund will provide long-term financing with below market interest rates to community health centers and other health providers seeking to build, modernize, and expand primary care facilities in low-income areas. This financing will create state-of-the-art primary care facilities serving an estimated 110,000 patients each year, and will create some 525 permanent jobs and 365 construction jobs.
Tom Manning, PCDC’s Director of Capital Financing said: “PCDC’s New Markets Loan Fund offers critical financing that will build primary care capacity in communities that need it most. This helps PCDC meet the enormous demand for primary care in New York, especially as New York’s primary care initiatives take hold and more people rely on safety net providers.”
“HSBC and PCDC have been strong community development partners for over 10 years, and our joint effort through the New Markets Loan Fund represents a landmark program that can serve as a model to finance primary care throughout the country,” said Kathleen Rizzo Young, Senior Vice President, HSBC Community Development Department.
For full press release, please click here.
About Primary Care Development Corporation (www.pcdcny.org)
Primary Care Development Corporation (PCDC) is the nation’s first and largest Community Development Financial Institution (CDFI) specifically investing primary care (and the only one in New York State). To date, PCDC’s programs have leveraged a total investment of $240 million for 77 primary care capital projects in underserved communities across New York State.
SOURCE Primary Care Development Corporation
