Capital Fund Provides Support for New Neighborhood Health Station in Rhode Island
On August 2, 2017, Community Health Center Capital Fund (Capital Fund) participated in the financial closing to support the development of a $14.1 million health center facility for Blackstone Valley Community Health Center, Inc., (BVCHC) in RI as part of the Healthy Futures Fund 2.0 initiative.
Capital Fund provided BVCHC with a $580,000 leveraged loan guaranteed in part by The Kresge Foundation. The health center also utilized a leveraged loan from Local Initiatives Support Corporation (LISC), and a leveraged loan and a New Market Tax Credit (NMTC)-equity investment from Morgan Stanley. The financing enables BVCHC to purchase property in Central Falls, RI and construct the Central Falls Neighborhood Health Station, a unique population-based primary care and public health collaboration. With this new “neighborhood health station,” BVCHC seeks to redefine population health by committing to serve 90% of Central Falls residents and provide 90% of the health care citywide. Upon completion in February 2018, the 47,000 square-foot facility will house 42 medical exam rooms and offer a broad range of services, including primary care, dental care, behavioral health care, pharmacy, laboratory testing, radiology, and substance abuse treatment. Over the eight-year period following completion, the project is expected to serve an additional 16,000 patients with an average increase in patient visits of 9% each year, and employ 50 full-time equivalent employees. Established in 1990, Blackstone Valley Community Health Center is a Federally Qualified Health Center with six health facilities located in Pawtucket and Central Falls, RI. Learn more here. Formed by the Local Initiatives Support Corporation (LISC), Morgan Stanley, and The Kresge Foundation, Healthy Futures Fund 2.0 is an initiative to improve community health by connecting health care and affordable housing for low-income residents. Learn more about Health Futures Fund here.