Capital Fund Supports Pueblo Community Health Center, Inc. Expansion in Colorado
On December 17, 2020, Community Health Center Capital Fund (Capital Fund) participated in a financial closing to support Pueblo Community Health Center, Inc.’s (PCHC) nearly $32.6 million expansion in Pueblo, CO.
Capital Fund contributed a $7.5 million New Markets Tax Credit (NMTC) allocation for the expansion and replacement of PCHC’s current 14,000-square-foot Park Hill clinic to a new 64,000-square-foot facility in the East Side neighborhood. In addition to Capital Fund’s allocation, project financing also includes $15 million from the City of Denver and the Colorado Housing and Financing Authority, and $8.2 million from the Rose Urban Green Fund, as well as a direct loan of $12 million from Self-Help Venture Fund. PCHC’s contribution of $11.6 million cash and $9 million in net NMTC equity, for a total of $20.6 million (or 63%) of the source funds, is significant.
Once complete, the new three-story clinic will include primary care, women services, clinical laboratories, a pharmacy, dental, behavioral health, outreach services, reception area, waiting rooms, site work, landscaping, and an elevator. Upon completion in October 2021, the current Park Hill clinic staff will relocate to the new facility.
According to the health center’s management, the $32.6 million state-of-the art, net-zero energy facility represents the largest investment in Pueblo’s East Side in decades. The new clinic is projected to increase number of patients and visits annually from 27,000 and 130,500 in 2019, respectively, to 36,000 and 163,000 by 2027. Permanent FTEs are projected to grow from 320 in 2019 to 405 in 2027.
PCHC has been providing primary health care services to Pueblo’s underserved population since 1983. Learn more here.