$51 Million New Markets Tax Credit Allocation Awarded to HealthRIGHT 360 for Completion of Innovative Medical Center in San Francisco
San Francisco, March 23, 2016 — Today, community health care provider HealthRIGHT 360 announced the closing of a $51 million New Markets Tax Credit (NMTC) financing to support the development of its new 50,000-square-foot modern health care facility serving low-income and homeless people at 1563 Mission Street in San Francisco for 2017.
The NMTC provides subsidized capital for development projects in economically distressed communities. Projects are selected by Community Development Entities (CDEs) that have received NMTC allocation awards from the U.S. Department of the Treasury. The HealthRIGHT 360 NMTC financing is supported by loans from Bank of America Merrill Lynch and Nonprofit Finance Fund. The five CDEs funding HealthRIGHT’s 1563 Mission Street project, one of the largest NMTC investments in fiscal year 2016, are: Corporation for Supportive Housing, Enterprise Community Investment, Inc., Primary Care Development Corporation, Banc of America CDE, and Northern California Community Loan Fund.
“Bank of America Merrill Lynch is pleased to work with our longtime CDE partners to provide $51 million in NMTC financing for HealthRIGHT 360’s new Mission Street facility,” said Brian Tracey, community development lending and investments executive at Bank of America Merrill Lynch. “San Francisco’s booming real estate market has made it difficult for many non-profits to lease or buy space in the city. This NMTC financing allows HealthRIGHT 360 to effectively provide vital healthcare services to Bay Area citizens for years to come.”
The new building will open its doors in 2017 as an integrated health care center for low-income and safety-net patients, offering a comprehensive array of services including primary medical and chronic disease treatment, dentistry, mental health services, substance use disorder treatment services that address the social determinants of health (housing, employment, education, computer literacy, and wellness), and a low-cost pharmacy.
“The magnitude of the investment made by these organizations is a testament to the impact of HealthRIGHT 360’s work and the pressing need for innovative solutions in integrated community health care centered in San Francisco,” said Vitka Eisen, CEO of HealthRIGHT 360. “However, our fundraising journey isn’t over, and we are currently at work to raise $10 Million in additional funds for our Capital Campaign effort to make sure high quality healthcare is available to all, regardless of individuals’ ability to pay. We believe healthcare is a right, not a privilege.”
For more information on HealthRIGHT 360’s new facility, visit: www.healthright360.org/capital-campaign
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