Ravenswood Family Health Center

New Markets Tax Credit Coalition

Palo Alto,
CA
(2015)

Ravenswood Family Health Center

Behavioral Health, Community, FQHCs, Healthcare

Financing for Ravenswood to move out of modular buildings with limited space and services.

Investment

NMTC Amount: $37,534,000
Total Project Cost: $38,900,000

IMPACT

175 FTE jobs
115 construction jobs
12,900 patients served
Project includes a Federally Qualified Health Center.

CDEs

Accion Opportunity Fund, Low Income Investment Fund, Primary Care Development Corporation

Investor

Chase

Voices from the Community

Ravenswood Family Health Network was able to build a $38 million dollar medical clinic with NMTC support. We fulfilled our 7 year financing period in November of 2021 and now own our 38,300sf facility outright including 3.15 acres of property. NMTC works!

-Luisa Buada, Ravenswood Family Health Network, East Palo Alto, California

Project Description

Established in 2000, Ravenswood served about 12,900 patients per year out of modular buildings with limited space and services. The new center will nearly double Ravenswood’s patient capacity. It includes 58 exam rooms and 13 behavioral health counseling rooms as well as laboratory, imaging and mammography services, optometry exams and a pharmacy.

PCDC invested $7.5 million in new markets tax credits (NMTC) and $850,000 in bridge loan financing to help build the new 38,000 sq. ft. facility. The Opportunity Fund provided $20.5 million in NMTCs and Low Income Investment Fund (LIIF) provided $11.5 million in NMTCs as well as additional bridge loan financing. The project attracted numerous grants and donations, including $5 million from Facebook CEO Mark Zuckerberg and his wife Priscilla Chan.

MAP

Address: 1885 Bay Road, Palo Alto, CA 94303

Census Tract: 6081611800

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