Capital Fund Supports Health Center Expansion in Washington, DC
On May 19, 2017, Community Health Center Capital Fund (Capital Fund) participated in the financial closing to support the development of a $8.24 million health center facility for Community of Hope, Inc. in Washington, DC. as part of the Healthy Futures Fund 2.0 initiative. Capital Fund provided a $240,000 leveraged loan guaranteed by in part by The Kresge Foundation. Community of Hope also utilized a leveraged loan from Local Initiatives Support Corporation (LISC), a leverage loan and New Market Tax Credit (NMTC)-equity investment from Morgan Stanley, and a sponsor equity contribution from the Horning Family Foundation. The financing will allow Community of Hope to lease and renovate an existing building, which is expected to be completed in the summer of 2018 and is projected to increase the organization’s patient capacity by 88% by 2024. Community of Hope’s new 8,800 square-foot health center facility will be part of The Commons at Stanton Square, a large multi-purpose development located in the Fort Stanton/Hillsdale area of D.C.’s Ward 8. The Commons will serve as a campus for community programs co-located with mixed- and low-income housing. Along with primary care, dental, and behavioral health services, Community of Hope will also provide counseling for emotional wellness, parental support, and social services. The Common’s will also be home to the headquarters of Martha’s Table, a local nonprofit organization that works to increase access to quality education programs, healthy food, and family supports. Learn more about the new Stanton Square project here. Established in 1980, Community of Hope is a nonprofit organization that provides housing and health services to homeless families in Washington, DC, and currently operates three Federally Qualified Health Centers. Learn more about Community of Hope 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 Healthy Futures Fund here.