Pikeville College School Of Osteopathic Medicine (2011), Pikeville, KY

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn

COMMUNITY IMPACT

Pikeville University is in Kentucky’s rural, eastern-most Appalachian county. With a 33.5 percent poverty rate and a median family income of only 64.2 percent of the national average, Pike County is a medically underserved Appalachian Regional Commission (ARC) county. The vision of the Pikeville College School of Osteopathic Medicine (PCSOM) was to provide economic opportunity, health care access, and jobs for its residents. However, this goal could not have been reached with out the New Markets Tax Credit (NMTC) financing provided by Community Ventures (CV) and four other CDEs. As a result, the $37 million project was completed. CV was the first CDE to commit to the project for $10 million in allocation. Pikeville College is the leverage lender to the QALICB. The college received a $26.5 million loan from the USDA Rural Development and added $1.5 million of college funds to the leverage. CV’s NMTC investment lowered PCSOM’s debt burden, allowing the school to expand its class size. Upon completion, enrollment increased from 75 medical students to 135, reaching capacity. Students are trained to become primary care physicians with emphasis on providing preventive health care, and prepared for leadership roles in addressing the critical shortage of physicians in Kentucky and other Appalachian regions. The college estimates that in addition to the $40,000 annual tuition, students provide $20,000 to $25,000 annually in revenue to the community for apartments, food, clothing, and local services, adding approximately $8.5 million to the local economy annually. Moreover, 800 physicians have graduated from PSCOM, and over 60 percent work in medically underserved areas of Appalachia. According to the economic impact study by Capital Access, from 2019-2023 there will be 182 new physicians, easing the rural physician shortage, generating a total economic output of $716,419,786, and creating 1,806 future jobs in severely economically distressed communities. The project created high quality jobs for low-income community (LIC) residents and LIPs with wages substantially above the area’s living wage. PCSOM offers all permanent employees a competitive benefits package. In addition to training medical students and providing free care to low-income persons and residents of LICs, PCSOM works with its local nursing candidates to first become LPNs ($20/hr) and, potentially, move on to attain RN training and licensing. The clinic accommodates 4,000 patient visits annually, up from 2,500. Without the critical support of NMTC provided by CV and others, PCSOM would not be able to improve the community by generating opportunity, health care, and jobs.

Voices from the Community

The NMTC program creates jobs, strengthens communities and provide life-changing opportunities to people which would not exist if it was not for the NMTC program. It makes a difference!

Amy Mallory, Manager, Fund Management, CAHEC, Raleigh, NC

Project Map

Other Kentucky Projects

Louisville Urban League Sports & Learning Complex

Louisville Urban League Sports & Learning Complex
Project City:
Louisville,
Project State:
KY
Project Year:
(2020)

Danimer Scientific Kentucky Inc

Danimer Scientific Kentucky Inc
Project City:
Winchester,
Project State:
KY
Project Year:
(2019)

Tom Browning’s Boys & Girls Club

Tom Browning's Boys & Girls Club
Project City:
Maysville,
Project State:
KY
Project Year:
(2018)
A total sports facility, which includes baseball fields and a concession/scoring building. This 19,000-sq. ft. multi-purpose facility provides game rooms, a computer lab and an arts and craft center, as ...
Read More

Republic Bank Foundation YMCA

Republic Bank Foundation YMCA
Project City:
Louisville,
Project State:
KY
Project Year:
(2018)
The Republic Bank Foundation YMCA will be a newly constructed 77,000 square foot multi-purpose facility to improve health equity in west Louisville, Kentucky. This joint venture will feature a new ...
Read More

Magoffin County High School

Magoffin County High School
Project City:
Salyersville,
Project State:
KY
Project Year:
(2014)
On August 2nd, 2016, representatives from Community Ventures (CV) attended the grand opening and ribbon cutting of the new Magoffin County High School. The project, which began in 2012, was ...
Read More

West Liberty Tornado Recovery

West Liberty Tornado Recovery
Project City:
West Liberty,
Project State:
KY
Project Year:
(2013)
In 2012, West Liberty, Kentucky was literally destroyed by a series of E-3 tornadoes. It was left “virtually unrecognizable” with six deaths and 75 injuries as winds of greater than ...
Read More

Chrome Works

Chrome Works
Project City:
Horse Cave,
Project State:
KY
Project Year:
(2012)
BizCapital, the small business lending division of Advantage Capital Partners, has provided $3 million in funding to Kentucky Chrome Works, a manufacturer of luxury alloy wheels and the exclusive chrome ...
Read More

Pikeville College School Of Osteopathic Medicine

Pikeville College School Of Osteopathic Medicine
Project City:
Pikeville,
Project State:
KY
Project Year:
(2011)
Pikeville University is in Kentucky’s rural, eastern-most Appalachian county. With a 33.5 percent poverty rate and a median family income of only 64.2 percent of the national average, Pike County ...
Read More

University of Cumberland Health and Science Building

University of Cumberland Health and Science Building
Project City:
Williamsburg,
Project State:
KY
Project Year:
(2008)
The University of the Cumberlands is located in a rural area in Williamsburg, Kentucky nestled in the foothills of the Appalachian Mountains. Williamsburg is known as the Gateway to the ...
Read More

Home of the Innocents

Home of the Innocents
Project City:
Louisville,
Project State:
KY
Project Year:
(2008)
Completed construction of five new buildings of project:that expanded capacity and services offered to medically fragile children as well as children who have been abused, abandoned or neglected, and children ...
Read More

Lindsey Wilson College

Lindsey Wilson College
Project City:
Columbia,
Project State:
KY
Project Year:
(2006)
Lindsey Wilson College (LWC) has undergone the most dramatic transformation in the college’s 109-year history. The $39 million expansion includes: the 73,223-square-foot Doris and Bob Holloway Health & Wellness Center; ...
Read More