Capital Fund Supports The Floating Hospital in NY
On February 28, 2019, Community Health Center Capital Fund (Capital Fund) completed $7.0 million in New Market Tax Credit (NMTC) financing for The Floating Hospital, Inc. to support its $7.5 million expansion and relocation of its main site in Long Island City, NY. As a Federally Qualified Health Center, The Floating Hospital family health network is New York City’s largest provider of primary healthcare services to families living in shelters and domestic violence safe houses, providing more than 61,000 patient visits annually.
In addition to the tax credits provided by Capital Fund, project financing also included an investment and a loan from JPMorgan Chase, a grant from The Weinberg Foundation, and an equity contribution from The Floating Hospital, comprised of various donations and other grants.
Construction is scheduled to be completed by July 2019. The new 29,500 square foot facility is almost twice the size of the current site and will allow The Floating Hospital to expand its primary care, dental, behavioral health, and substance use disorder services, as well as provide specialty services such as optometry and ophthalmology. Each provider will be allotted two examination rooms, resulting in shorter wait times and increased access to care for the center’s patients. The new site will also provide increased space to support the health center’s shelter programs.
The project will allow The Floating Hospital to serve a projected 22,000 patients by 2026, compared to 12,000 in 2017. The renovated health center will provide space for 166 full-time employees, in addition to creating 112 construction jobs.
To learn more about The Floating Hospital, click here.