The NMTC helps expand access to affordable healthcare, emergency services, cancer treatment, substance abuse treatment, and other important healthcare services in low-income communities.
Hospitals and Emergency Services
2022
Cincinnati, OH
New Markets Tax Credit (NMTC) financing has enabled UC Healthcare System (UC Health) to expand its Emergency Department to meet the needs of the greater Cincinnati region and the low-income population it serves. The current Emergency Department was designed and built in the 1980s and poses
capacity, architectural, and clinical functionality limitations that adversely impact emergency care and preparedness. The Emergency Department, which is located in a severely distressed neighborhood that experiences a poverty rate of 51.3% and a median family income equal to 57% of the applicable area median family income, is the region’s only adult Level I trauma center and treats the most severe and complex cases, including victims of serious accidents and injuries.
Finance Fund provided $8MM of federal NMTC allocation and $2.56MM of Ohio NMTC allocation to the project. The Community Builders provided $7MM of federal NMTC allocation and Capital One, the tax credit investor, provided an additional $1MM of federal NMTC allocation.
This expansion will maximize modularity to provide flexibility of space that ensures implementation of best practices, improve the standard of patient care, accommodate surges in patient numbers due to a crisis, and decrease morbidity and mortality. UC Health anticipates the 197,459 square foot facility will serve up to 90,000 patient visits annually, and that half of these visits will be from low-income patients. The Emergency Department will offer increased specialized programming to screen patients for unmet psychosocial needs, mental health, and substance use disorders.
The relationship between UCHealth and the University of Cincinnati will provide fertile ground for expanded clinical research conducted across the spectrum of patient cases at the Emergency Deposit, as well as improved emergency medicine training for military medical personnel and regional EMS providers.
2023
Los Angeles, CA
Urban Action Community Development (“UACD”) deployed $8.75 million in Round 18 NMTC allocation to the Martin Luther King Jr Community Healthcare (“MLKCH” and “Hospital”) located in the heart of South Los Angeles and adjacent to the Watts community. The safety net hospital founded in 2015 has a mission to “provide compassionate, collaborative, quality care, and improve the health of our community”. MLKCH has grown from being a stand-alone 131-bed hospital to becoming an integrated health system and the primary source of high-quality healthcare for South LA residents. Federal data indicates that South LA has a shortage of 1,400 doctors, and the physician gap is dominated by the lack of specialty care. To address these long-standing health and social inequities, MLKCH focuses on the continuum of care. The NMTC financing will support the following three capital improvement projects – (i) expansion of the Emergency Department (“ED”) with eight new exam rooms; (ii) completion of the Interventional Radiology and Cardiac Laboratory Suite that will have the capacity to perform 750 procedures annually; and (iii) construction of a new Acute Psychiatric Stabilization Unit (“APS Unit” or “Empath Suite”) with 16 observation beds and 12 acute chairs. The NMTC investment will be used to continue fighting health vulnerabilities devastating Black and Brown communities.
2023
Kaunakakai, HI
The NMTC funding will be used to provide financing that will be used to retain 76 FTE, permanent jobs to support providing healthcare services to more than 6,250 native Hawaiian patients annually. As part of the Queen’s Healthcare System, a nonprofit healthcare provider with four hospitals offering more than 70 preventive and specialty healthcare services, the Molokai General Hospital is the only large healthcare center on the Island of Molokai. The hospital will offer a number of services, including preventive care, blood services, mammography, x-ray services as well as 15 patient care beds.
2011
Alexandria, LA
CLSH is a short-term stay hospital recently expanded and opened in May of 2010, providing quality and effective patient services to both the insured and uninsured. Roughly 47% of CLSH payments are derived from Medicare and Medicaid. Approximately 50% come from Blue Cross and other commercial providers. Nearly 1 in 5 of CLSH’s patients are impoverished Medicaid recipients. The new facility faces a number of operational challenges and is located in a rural census tract that is medically underserved with a poverty rate of 50.6%. CLSH is responsible for significant job creation; NMTC financing preserved 157 jobs, including over 100 physicians.
Federally Qualified Health Centers
2022
Fairbury, NE
This project financed improvements to The Jefferson Community Health Center (JCHC), including an expansion of 23 exam rooms, 2 special procedure rooms, a radiology room, and a specialty room for COVID and flu patients.
In addition to job creation, the project also JCHC’s provides educational booths, free health screenings, handouts, information, etc., at community events.
2023
El Centro/Imperial, CA
In 2017, Innercare was a key stakeholder in the research and development of the Imperial County Community Health Assessment that has been driving health policy in the County for the past 5 years. The final action plan identified and prioritized the need to close health care provider gaps, with particular focus on improving negative rates of asthma and diabetes and providing early and adequate prenatal care.
To address these needs, Innercare and developer Gafcon, Inc. will construct a new integrated 54,000 square foot facility that will house a 25,000 square foot FQHC, a 25,000 square foot PACE Center and include 4,000 square feet of common area. The facility will be located on a four-acre lot with ample parking.
2017
Los Angeles, CA
Rolland Curtis Gardens opened in the Spring of 2019 in the Exposition Park neighborhood of Los Angeles. The mixed-use development features 140 residential units and 8,000 sq. ft. of commercial space that houses a community health clinic and a locally owned market and cafe. Abode Communities, an affordable housing developer, developed the project in collaboration with T.R.U.S.T. South Los Angeles, a community land trust. The complex is a transit-oriented development (TOD) conveniently located approximately 100 feet from the Expo/Vermont Los Angeles Metro station.
Surrounding Rolland Curtis Gardens is the renowned Exposition Park, home of cultural and community institutions such as the California African American Museum and the Los Angeles Memorial Coliseum, a host site for the 1932 and 1984 Olympic Games. Rolland Curtis Gardens was designed to meet the needs of multicultural, working-class households and small businesses. The development offers 138 affordable housing units consisting of 12 one-bedroom, 81 two-bedroom, and 45 three-bedroom apartments. Two additional units are reserved for onsite managers. The development is affordable for families earning between 30 percent and 60 percent of the area median income, with monthly rents ranging from $633 to $1,757.
Building amenities include a playground, a community garden, a barbecue area, and a resident services center.
Abode Communities and T.R.U.S.T. South LA purchased Rolland Curtis Gardens in July 2012 for $8.33 million, removing the property from Los Angeles competitive real estate market. They decided to renovate the property, relying on input from community members about what features and amenities they wanted in their neighborhood. In several charrette sessions, participants identified a need to create training and wealth building opportunities in addition to economic opportunities for community members.
Residents also indicated that health care was a top priority, so the developers responded by adding a Federally Qualified Health Center and a locally owned market with a cafe to Rolland Curtis Gardens.
Financing for the project included both 9 percent and 4 percent low-income housing tax credits, construction and permanent loans in partnership with Wells Fargo, deferred developer fees, capital contributions, and funding from the California State Department of Housing and Community Development’s Affordable Housing and Sustainable Communities program, the Infill Infrastructure Grant Program, and the Multifamily Housing Program. The commercial development was financed through a combination of private capital grants, a community development block grant issued by the City of Los Angeles Housing and Community Investment Department, and New Markets Tax Credits that Opportunity Fund awarded to investor U.S. Bank. In total, Rolland Curtis Gardens brought $81.6 million in local economic investment to Exposition Park.
2021
Orlando, FL
Finances tenant improvements, equipment purchases and closing costs associated with the expansion of a company’s Orlando location. The expanded facility will allow it to expand its research and development for new product lines and create new jobs. Lift Orlando will build and operate a new ~30,000 sq. ft., two-story Health and Wellness Center within the West Lakes Community Campus in Orlando, Florida. The project, anchored by a Federally Qualified Health Center (FQHC), will also include office space for local nonprofits, the new West Lakes Financial Wellbeing Center, co-working space, a community cafe, and a fitness facility.
The project is part of a purpose-built community which includes 200 units of mixed-income homes, 120 affordable senior apartment homes, an early childhood learning center, and a new Boys and Girls Clubs of Central Florida branch. The FQHC will be operated by Community Health Centers, one of the region’s largest nonprofit providers of health services which serves nearly 70,000 patients annually. A broad range of patient-centered services will be provided, including a primary practice for preventative care, internal medicine, pediatrics, vision, dental, behavioral health and urgent care. The connectivity of the building’s offerings will provide an integrated approach to improving health, financial and lifestyle wellness, and allowing seamless service interactions and encouragement of healthy choices.
With an unemployment rate of 24.7%, 2.98 times the national average, the project will create 23 full-time quality jobs and 38 construction jobs. Community Health Centers is dedicated to ensuring that new job openings will create career opportunities for residents of West Lakes and approximately 1/4 of new positions are anticipated to be entry level and available to residents of the surrounding community and 50% of the positions will be held by minority persons. Due to the nonprofit nature of the Sponsor, Lift Orlando has been reliant on community support and fundraising to fund the construction of the project. With Covid-19 and other economic headwinds delaying additional fundraising, the project would not be able to move forward providing critical access to quality healthcare and other community services to the surrounding low-income community without New Markets Tax Credit financing.
Dudley Ventures, through its affiliate DV Advisory Services, LLC, provided structuring, advisory services and closing execution. Black Business Investment Fund, Inc. provided $9,500,000 in NMTC allocation and ST CDE provided $3,000,000 in NMTC allocation. Truist Community Capital, LLC acquired the New Markets Tax Credits.
2021
New Orleans, LA
Enhanced Capital is thrilled to partner with St. Augustine High School (St. Augustine) to provide financing through the Louisiana and federal New Markets Tax Credit (NMTC) program.
Located in New Orleans, LA, St. Augustine is a minority-controlled nonprofit college preparatory school for young men in eighth to twelfth grades. Enhanced Capital provided financing to improve the school’s campus by renovating and upgrading the existing school facilities to best-in-class learning environments. St. Augustine was founded in 1951 by The St. Joseph’s Society of the Sacred Heart through the Youth Progress Program of the Archdiocese of New Orleans. The learning experience prepares young men with the skills and discipline needed to succeed at their next level of education, pursue individual interests, and instill leadership responsibilities in family, church, and community throughout their lives. The school remains committed to supporting young men by providing a well-rounded education regardless of each student’s background. While St. Augustine welcomes students of all backgrounds, it is the leading secondary institution for young black men in the state of Louisiana. The school is highly recognized for its outstanding success.
In 2021, 98% of St. Augustine’s 114 graduates entered a four-year college or university, with 1% enrolling at a community college and the remaining 1% joining the military ranks. The students accepted to four-year colleges or universities earned $8.6 million in scholarships and financial aid. Providing educational access to students has always been a priority at St. Augustine. Nearly 72% of its student body receives some level of financial support. Therefore, efforts to upgrade the 70-year old institution’s campus without cutting back on financial aid have been challenging. Since 2016, St. Augustine has experienced a consistent decline in enrollment, with the outdated facilities being the top-cited reason families shared for electing to send their sons to other schools.
With support from Enhanced Capital, St. Augustine received the financing necessary to implement fully modernized classrooms, state-of-the-art STEM laboratories, and additional energy-saving solutions. The renovation is a critical part of St. Augustine’s long-term strategic plan. As a result of the upcoming capital improvements, student enrollment is expected to increase by 25-35 students per year. Additionally, about six full-time jobs and fifty temporary construction jobs will be created. Enhanced Capital is a tremendous community financing partner, and we could not be more pleased to have their support for this critical project for St. Augustine, said Board Chairman Darren Diamond.
This project will pay dividends for our students for many years to come, and it bolsters our mission of service to our students and the New Orleans community in general.
Enhanced Capital is proud to play a role in the $8.3 million renovation project, helping underserved communities and over 500 low and moderate-income students receive a quality education. Enhanced Capital believes St. Augustine plays a critically important role in the New Orleans community and that this investment will solidify the school’s presence for years to come.
Addiction Treatment Centers
2022
Belcourt, ND
NMTC financing totaling $10 million supported The Turtle Mountain Recovery Center that will be located within the Turtle Mountain Band of Chippewa tribal lands in Roulette County, North Dakota.
The Recovery Center will be a culturally responsive drug and alcohol addiction healing center, honoring health and tradition, that will support Turtle Mountain tribal members. The Center will serve the region by providing individual and family focused inpatient treatment and aftercare services to include life skills, workforce development, cultural teachings and a sober living network designed to support a sober community in the Turtle Mountain Tribe.
The Center will include housing to support longer-term recovery, and ancillary and culturally appropriate activities including sweat lodges, an equine center, a rope course and a nature trail on the 100 acres where the Center is being built.
The Recovery Center will be 34,000 sq. ft., have 16 beds for residential treatment as well as space for outpatient treatment services and will serve between 400 and 550 people annually. This project will create 40-50 FTES that will have wages above the ND average. Create 25 construction jobs.
2021
Austin, TX
Mobile Loaves will use UDF’s investment to finance the new construction of a campus providing affordable housing and supportive services for Austin’s homeless community. The project will be an integrated campus including three property types. These include 110 RV Homes, 206 Tiny Homes, and assorted non residential buildings that provide support services for residents. Both the RV Homes and Tiny Homes provide affordable housing targeted towards people who were formerly homeless. Non residential buildings will include: the Community Works Building, which will be a center for job training; an Aquaponice Building, growing fresh vegetables for residents; the Living Room Building consisting of at least 2,000 sq. ft. will be occupied by the Sponsor and used for offices for resident care staff, conference rooms for AA meetings, and classrooms. A portion of the Living Room Building consisting of at least 1,000 sq. ft. will be occupied by the Sponsor and include an exercise space focused on providing physical therapy and a learning-focused computer center. The remaining portion is expected to include lounge and recreational areas for residents; 7 commercial kitchen buildings; and 7 laundry/shower buildings. UDF will provide loans totaling $7.5 million. The loans will include: a below market interest rate, lower than standard origination fees, longer amortization period, a lower than standard debt service coverage ratio, and Borrower can purchase Loans for $1,000 at the end of compliance period. Community First Village will result in a number or community impacts. 35 new full-time employees will be required to provide services. 60 residents of the community will be employed annually at the entrepreneurial hub. 265 new housing units will be provided for formerly homeless residents, with 45 additional mission units. Residential areas have community building common areas with computers, counseling space, addiction recovery meetings, therapeutic activities, case management, mental health, addiction recovery, financial literacy, legal services, and educational services. Site amenities include community kitchens and laundry/restroom/shower facilities, bus stop, community gardens, walking trails, outdoor movie theater, amphitheater, nature preserve, community meeting space, salon, art house, and wifi. The local community is highly distressed and currently qualifies as a medically underserved area. The project will provide on site mental health services for its residents to help alleviate the shortage in this area.
2018
Houston, TX
NMTC financing supported a nonprofit organization providing transitional housing for Houston’s homeless population recovering from alcoholism and drug addiction. They help clients with detox and rehabilitation in a safe environment.
2015
Bronx, NY
Redevelopment of Army Reserve Center for use as a 200-bed residential job training facility for the homelessTransitional Housing Job Training Facility for Homeless. The Muller Residential Job Training Facility is a $15.5 million dollar tax-credit project that will provide housing and support for the homeless by the Doe Fund. The Doe Fund is a New York nonprofit organization whose mission is to develop holistic programs to break the cycles of homelessness, addiction and criminal recidivism.
The development of the residential job training center is situated at a former Bronx Army Reserve center. The 55,000 square foot facility will help and serve 200 homeless individuals at any given time by providing them with education and occupational training, group counseling, job placement and transitional work and housing.
Funding sources for this project include $9.5 million NMTC financing provided by Citibank NMTC Corp, along with $6 million of NMTC allocation provided by DV Community Investment LLC. Citibank also provided $4.8 million of NMTC equity, a $10.7 million leverage loan, and a $4.9 million direct loan to the project.
2005
Cleveland, OH
CDA provided $300,000 to rehabilitate the 30,000 sq. ft. Van Roy Coffee Company building into office space. The building tenants were socially focused non-profits. Tenants included Recovery Resources, which assists clients with overcoming alcoholism and other addictions, and Spectrum of Support Services, which provides vocational and occupational assistance to people with mental illness. The NMTC subsidy enabled the developer to pass on below-market-rate rents to these non-profit organizations that principally service low-income individuals and low-income community residents.
Fighting Cancer
2020
Atlanta, GA
The project will create a 555,000 sq. ft. facility (225,000 of which will be clinical space and 330,000 will be parking) with eight operating rooms, four endoscopy rooms, a Cancer Center, surgical clinics including orthopedics, general surgery, ENT, oral surgery, an Eye Center, and imaging, pharmacy, lab, central sterile supply and common support spaces, and a corridor bridge to link the building with Grady Memorial Hospital on the land. Separating ambulatory services from the inpatient services at the hospital will result in improved efficiencies and capacity for growth in both ambulatory and inpatient services. The CASS will expand Grady’s surgical clinic capacity by 45% and surgery capacity by 25%. Grady Memorial Hospital Corporation will be the tenant.
2020
Philadelphia, PA
Equipment to complete commercial kitchen space for RMH Philadelphia to provide food distribution to food insecure families
2010
Tulsa, OK
Freestanding, state-of-the-art cancer center incorporates the latest advances in cancer treatment, all under one roof
2015
San Francisco, CA
Family House serves as a home away from home for families of children with cancer and other life-threatening illnesses by providing physical comfort and emotional support, free from financial concerns. NCCLF provided $8 million to Family House to purchase land and build a facility that serves as a temporary housing complex providing temporary housing and a supportive community for families with a child who is undergoing treatment for life-threatening illnesses at nearby USCF Benioff Children’s Hospital in San Francisco.
