NMCC contributed $15.89 million of NMTC’s for two QLICI’s totaling $15.7 million to construct a new, 68,000 sq. ft. replacement facility for Sharp HealthCare in downtown San Diego. The new LEED Gold facility replaced an existing, adjacent facility which had been in operation since 1926. The new building allowed Sharp to significantly expand services including uncompensated care for patients unable to pay, and unreimbursed costs of public programs such as Medicaid, Medicare, San Diego County Indigent Medical Services, Civilian Health and Medical Program of the Department of Veterans Affairs, and the regionally managed health care program for active duty and retired members of the uniformed services, their families and survivors (TRICARE).

The project is in an area of high distress with a median income of 43.4% and an unemployment rate of 2.2 times the national average. Sharp was able to raise $29 million for the project, but a sizeable gap remained. NMCC used NMTCs to bridge the gap providing a loan at an interest rate of 1.26% interest for 7 years.