Capital Fund Supports Care Resource Community Health Center Expansion in Miami, FL
On July 9, 2019, Community Health Center Capital Fund (Capital Fund) completed $10.7 million in New Markets Tax Credits (NMTC) financing for Care Resource Community Health Center to support the $32.8 million expansion of its main facility in Miami, FL. In addition to the tax credits provided by Capital Fund, project financing also included a $2 million direct loan from Capital Fund, an NMTC equity investment and loan from Primary Care Development Corporation, a Health Center Program grant from the Health Resources and Services Administration, a loan from National Cooperative Bank, and the health center’s own cash investment.
Once completed in September 2020, Care Resource’s reconstruction project will add four stories to the existing three-story building, enabling the facility to house an additional 13 exam rooms, four dental stations, a retail pharmacy, and additional space for comprehensive behavioral health services, social services, community outreach, and substance-use treatment. The facility will also feature on-site parking and a “Food Bank,” which will provide patients with access to healthy food, a key social determinant of community health. The project will allow Care Resource to serve an additional 52,000 patients with 98,000 additional visits by the end of 2026, and create an additional 257 full-time staff positions.
Care Resource is a Federally Qualified Health Center with four locations located in Midtown Miami, Little Havana, Miami Beach, and Fort Lauderdale. To learn more, click here.
Capital Fund’s affiliate Capital Link provided Care Resource with technical assistance in the planning and financing of this new facility.