Holyoke Health Center

Holyoke, MA (2005)

Holyoke Health Center

Community, Dental Services, FQHCs, Healthcare, Historic Rehabilitation

The first transaction of its kind in the country combined a Federal loan guaranty program for health centers and the NMTC became a prototype for other community health facilities nationwide.

Investment

NMTC Amount: $22,681,443
Total Project Cost: $23,535,956

IMPACT

300 FTE jobs
190 construction jobs
103,390 patients served
Project includes a Federally Qualified Health Center.

CDEs

MHIC

Investor

Unknown

Project Description

The Holyoke Health Center (HHC), closed in March 2005, represents the first transaction of its kind in the country to combine the Federal loan guaranty program available to nonprofit community health centers from the Health Resources and Services Administration (HRSA), within the Federal Department of Health and Human Services, with New Markets Tax Credit and federal rehabilitation tax credit financing, and it is expected to become a prototype for other community health facilities nationwide. Catalyzed by the success of the HHC transaction, two other Massachusetts-based community health centers have already approached MHIC for a similar financing package.

MAP

Address: 558 – 560 Dwight Street, Holyoke, MA 1040

Census Tract: 25013811700

Voices from the Community

We used NMTC to build our headquarters building in downtown Holyoke, representing the single largest building project ever in that area. It now provides 500 jobs and serves almost 20,000 residents, all of which adds to the urgent needs of this very poor community. Commercial banks were not comfortable with the potential $20,000,000 investment we needed in this distressed community. Without the NMTC program, all of our current services, including significant support to attend to the issues stemming from COVID-19, would not be as available to the Holyoke community. We are now looking at additional construction projects that will benefit from NMTCs if they continue to be available in t he next few years.