Enterprise, Nonprofit Finance Fund and Chase Invest in the Family Health
Centers of San Diego to Build a New Community Health Center
New Markets Tax Credit financing deal closes for the nation's second largest
Federally Qualified Health Center
SAN DIEGO, April 4, 2013
SAN DIEGO, April 4, 2013 /PRNewswire/ --Enterprise Community Investment,
Inc., Enterprise Community Loan Fund, Nonprofit Finance Fund (NFF)and
Chaseannounce the closing of New Markets Tax Credit (NMTC) financing for the
new construction of a three-story, community health center in San Diego
serving the Diamond Neighborhoods.
The new 22,942-square-foot center will serve 12,800 patients annually,
tripling the capacity of the existing Family Health Centers of San Diego
(FHCSD) center in the Diamond Neighborhoods. FHCSD is the largest Federally
Qualified Health Center (FQHC) in the city and the second largest in the U.S.
It provides services to low-income patients in large parts of central, south
and east San Diego and surrounding communities in San Diego County.
Enterprise Community Investment, Inc. is providing $9 million in NMTC
allocation with Chase providing the NMTC equity investment. Enterprise
Community Loan Fund and Nonprofit Finance Fund are each providing $3.1 million
in loans to bridge a portion of the U.S. Department of Health and Human
Services, Health Resources and Services Administration's $8.57 million capital
grant. FHCSD is contributing the land for the project and more than $400,000
in cash to the project.
"This project demonstrates the positive impact of New Markets Tax Credits
funding on communities. The new health facility will help revitalize a
community and at the same time help meet patient demand for medical services
in the Diamond Neighborhoods," said Joseph Wesolowski, senior vice president,
Structured Finance at Enterprise. "The need and delivery of health services
will increase with the full implementation of the Affordable Care Act in
Federally Qualified Health Centers are nonprofit community health centers that
provide primary health care to low-income individuals and families regardless
of insurance coverage or ability to pay. FQHCs are an important resource for
delivering quality, affordable health care in low-income communities.
Construction on the new center began in November 2012 with expected occupancy
in October 2013.
"The many health centers we work with are caught between the desire to meet
rising patient demand and the challenge of inadequate financing or physical
space. Through this deal, we are glad to be helping the second largest FQHC in
the country have the space to better meet its patients' needs," said Norah
McVeigh, managing director, Financial Services, for Nonprofit Finance Fund.
The new community health center will feature 29 exam rooms, 5 dental stations
and 4,562 square feet of office and administrative space. The center will
provide office and community space to support additional health programs. The
expanded FQHC will also add approximately 60 permanent jobs in the community.
The building will have Cal-Green certification, the statewide green building
"Access to high-quality and affordable healthcare is critical to encourage
people to use cost-saving preventive healthcare services. Financing from
Enterprise and our partners will make it possible for families living in the
Diamond Neighborhoods to access these vital services near where they live and
work," said Lori Chatman, president, Enterprise Community Loan Fund.
Since 2012, a funding collaborative of Enterprise, Chase, and Nonprofit
Finance Fund has provided "one stop" NMTC financing for FQHCs, including NMTC
allocation, NMTC equity, term debt and bridge financing.FHCSD is the third
FQHC capital project financed by the collaboration.Together these projects
have expanded primary healthcare to low-income persons by creating 118,000
square feet of new health center, laboratory and pharmacy space, and will
provide approximately 125,000 additional center visits to an estimated 33,000
additional patients every year.
"We are very excited to continue to use the New Markets Tax Credit program to
support community healthcare centers. Chase targets its NMTC investments to
support projects that provide the highest level of positive community impact.
The Diamond center is expected to fulfill this goal by providing an
underserved area of San Diego with access to primary healthcare services,"
said Matt Reilein, head of Chase's New Markets Tax Credit Group.
Enterprise is a leading provider of the development capital and expertise it
takes to create decent, affordable homes and rebuild communities. For more
than 30 years, Enterprise has introduced neighborhood solutions through
public-private partnerships with financial institutions, governments,
community organizations and others that share our vision. Enterprise has
raised and invested more than $13.9 billion in equity, grants and loans to
help build or preserve 300,000 affordable rental and for-sale homes to create
vital communities. Visit www.EnterpriseCommunity.org and
www.EnterpriseCommunity.com to learn more about Enterprise's efforts to build
communities and opportunity.
Nonprofit Finance Fund (NFF) unlocks the potential of mission-driven
organizations through tailored investments, strategic advice and
transformative ideas. Founded in 1980, NFF helps organizations connect money
to mission effectively, and supports innovations such as growth capital
campaigns, cross-sector economic recovery initiatives and impact investing. A
leading community development financial institution with over $80 million in
assets, NFF has provided over $250 million in loans and access to additional
financing via grants, tax credits and capital in support of over $1.4 billion
in projects for thousands of organizations nationwide. NFF is headquartered in
New York City and serves clients from offices across the country.
Family Health Centers of San Diego is a federally qualified health center in
San Diego that provides a full range of adult, child, dental, behavioral
health, vision and pharmacy services through 33 sites and 3 mobile medical
units. It was founded in 1970 as one of two free clinics for low-income
persons in San Diego. FHCSD became an FQHC in 1995, and first obtained Joint
Commission accreditation in 1996; it is now the second largest FQHC in the
Chase is the U.S. consumer and commercial banking business of JPMorgan Chase &
Co. (NYSE: JPM), a leading global financial services firm with assets of $2.4
trillion and operations in more than 60 countries. Chase serves more than 50
million consumers and small businesses through more than 5,600 bank branches,
18,700 ATMs, credit cards, mortgage offices, and online and mobile banking as
well as through relationships with auto dealerships. More information about
Chase is available at www.chase.com.
Contact: Brigitte Johnson, APR, 410-772-2449,
firstname.lastname@example.org; or Tricia McKenna, for Nonprofit Finance
Fund, 617-553-8020, email@example.com
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