Project Type(s): Community and Healthcare
Project Year: 2009
CDE(s): Massachusetts Housing Investment Corporation
NMTC amount: $99,802,500
Total Project Costs: $265,930,000
In 2009, MHIC provided $19.9 million in New Markets Tax Credit financing for construction of a new, seven story, in-patient medical facility with 126 beds for the Baystate Medical Center (BMC). The largest of the hospitals in the Baystate Health System, BMC is an academic teaching hospital that serves as the western campus of Tufts University School of Medicine. The new, state-of-the-art medical facility, which will feature the latest advances in health care and sustainable construction, will enable BMC to significantly expand and update medical services available in western Massachusetts. It is expected to create 550 permanent full time jobs, increase local economic activity, and help stabilize the neighborhood. BMC is located in South Springfield, one of the most economically disadvantaged communities in the Commonwealth. MHIC was one of six Community Development Entities that together are providing $107 million in New Markets Tax Credit financing. The $246 million project is also utilizing tax exempt bond financing. This NMTC project is the construction of a new 126 bed hospital buidling that is 7 stories and 638,993 sg ft. It is adjacent to BMC's other facilities.