Central Florida Health Care (CFHC) is a Federally Qualified Health Center (FQHC) that has operated for 42 years in South Central Florida. Founded to provide healthcare primarily for agricultural workers in rural Florida, the organization has expanded to serve 30,000 patients annually across 3 counties; 29% of whom are uninsured. To address the increased demand for its services in Polk and Highlands Counties, CFHC used the NMTC Program to purchase and renovate 4 locations, a total of 48,000 sq ft.
Through the NMTC structure, Florida Community Loan Fund (FCLF) assembled $8.1 million in financing for a 7-year period with interest-only payments. A large portion, over $3.6 million, will be converted into equity at the end of the 7 years, greatly reducing CFHC’s total debt on this expansion. Because of this unique financing structure, CFHC was able to expand services in 4 locations, 3 cities, and 2 counties much more rapidly over a period of 3 years; ultimately serving up to 5,000 additional patients.
CFHC’s accredited health centers provide continuity of care to patients of all ages and with a myriad of needs, regardless of their ability to pay. The facilities provide a wide array of medical, dental, lab and x-ray services for rural low-income Floridians, as well as nutrition and wellness education. All services are available in English and Spanish.
CFHC is often the only healthcare provider in the city. In one of the 4 sites included in this project, Winter Haven, CFHC was the first in the city to provide healthcare for low-income residents. CFHC works closely with many partners, such as the Florida Department of Health, Veterans Administration and Services, and local County Health Departments, to address all the individual’s healthcare needs.
The total cost for the Central Florida Health Care project is $8.5 million. FCLF provided $8.5 million in Federal NMTCs and $6.4 million in Florida NMTCs. The investor is US Bancorp Community Development Corporation. Whitney/Hancock Bank is an additional lender on the project. This transaction was finalized in October 2015.