Ravenswood Family Health Center

Palo Alto, CA (2015)

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

COMMUNITY IMPACT
  • 175 FTE jobs
  • 115 construction jobs
FINANCING SOURCES
  • NMTC Amount: $37,534,000
  • Total Project Cost: $38,900,000
  • CDE(s): Accion Opportunity Fund, Low Income Investment Fund, Primary Care Development Corporation
PROJECT LOCATION

1885 Bay Road

Palo Alto, CA 94303

District:

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 square-foot 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.

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