Primary Care Development Corporation Launches $40 Million Fund to Support Health Centers in New York State
Primary Care Development Corporation Launches $40 Million Fund to Support Health Centers in New York State
The Primary Care Development Corporation in Rye Brook, New York, has announced the launch of a $40 million loan fund that will provide low-cost, long-term financing to develop primary care centers in economically distressed communities across the state.
Funded by HSBC Bank and the New Markets Tax Credits program of the U.S. Department of the Treasury, the New Markets Loan Fund will provide community health centers and other health providers with financing at below-market interest rates to build, renovate, and expand primary care facilities in low-income areas. The fund will aim to create enough facilities to serve 110,000 patients each year as well as 525 permanent jobs and 365 construction jobs.
The creation of the fund comes at a critical time, as recent studies have ranked New York last in the nation in avoidable hospital use and cost and emergency room waiting times.
"PCDC's New Markets Loan Fund offers New York's health centers critical financing that will build primary care capacity in communities that need it most," said PCDC director of capital financing Tom Manning. "This helps PCDC meet the enormous demand for primary care in New York, demand that will only grow as New York's primary care initiatives take hold and more people rely on safety-net providers for their healthcare needs."
“At Health Center Conference, PCDC Announces $40 Million Investment for Primary Care in New York State.”
Primary Care Development Corporation Press Release
10/15/09.
Primary Subject: Health
Location(s): New York, Rye Brook
FC014020
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