U.S. Treasury Awards PCDC $55MM in New Markets Tax Credits
NEW YORK, NY (June 16, 2015) - The U.S. Treasury's CDFI Fund today awarded the Primary Care Development Corporation (PCDC) $55 million in New Markets Tax Credit (NMTC) allocation. The award will help PCDC continue to invest in primary care in underserved communities throughout the U.S. PCDC is one of 76 Community Development Entities to share in $3.5 billion in New Markets Tax Credit Allocation. Awardees were selected from a pool of 263 applicants who requested nearly $20 billion in NMTC authority.
"Lack of affordable capital is a major barrier that prevents the development of quality primary care in low-income communities," said Anne Dyjak, PCDC's Managing Director for Capital investment. "We are delighted that the CDFI Fund is continuing to support PCDC through the NMTC program, helping us meet the critical need for capital from community health centers and other safety net healthcare providers. We look forward to working with our partners to spur sustainable primary care development throughout the U.S."
The award follows a $43 million NMTC allocation PCDC received in 2014, which has catalyzed development of community health center projects in a number of underserved communities - often in partnership with other financial institutions. For instance, PCDC partnered with Capital One and Hope Credit Union to invest $14 million in NMTC allocation in Primary Health Services Center (PHSC) of Monroe, LA, which serves one of the 10 poorest communities of its size in the country. The investment enables PHSC to consolidate and expand their three clinics, integrate medical and behavioral health services and build a new medical clinic so it can provide high quality healthcare to over 20,000 patients each year.
PCDC is a nonprofit organization dedicated to transforming and expanding primary care in underserved communities to improve health outcomes, reduce healthcare costs and disparities. PCDC provides affordable financing to build and modernize facilities, coaching and training to strengthen care delivery, and advocacy to support policy initiatives that invest in primary care.
A U.S. Treasury-certified Community Development Financial Institution (CDFI), PCDC has financed more than 100 primary care projects valued at more than $650 million, creating capacity for 2.6 million annual primary care visits for more than 800,000 patients. This investment has developed or improved 1.2 million square feet of space and created or preserved more than 6,500 jobs in low-income communities. Read more about PCDC's Capital Investment program.
Media inquiries: Dan Lowenstein - 212-437-3942, dlowenstein@pcdc.org
NMTC inquiries: nmtc@pcdc.org