Capital Fund Supports The Providence Community Health Centers, Inc. Expansion
On June 24, 2021, Capital Fund provided financing for The Providence Community Health Centers, Inc., (PCHC) to support its nearly $14 million expansion project.
Capital Fund contributed a $7.5 million New Markets Tax Credit (NMTC) allocation and a $2 million source loan for PCHC’s new 27,000-square-foot facility at 31 Atwood Street in Providence, RI. In addition to financing provided by Capital Fund, project financing also included a NMTC allocation and source loan from Primary Care Development Corporation (PCDC), and $3.8 million equity investment from PCHC.
The proposed project, situated in a severely distressed neighborhood of Providence, will transform a vacant lot into a comprehensive health care center with services including OB/GYN, pediatrics, adult medicine, family medicine, behavioral health, specialty care, urgent care (i.e. express center) and lab. The first floor of the new facility will offer a conference room, waiting room, nurse’s station, break room, storage rooms, x-ray rooms, a blood lab room and 12 exam rooms. The second floor will offer 27 exam rooms, a waiting area/lobby and three nurse’s stations. The project is expected to provide space for and support up to 600 full-time employees (FTEs) in the community and serve up to 86,000 patients by 2028, compared to 474 FTEs and 61,000 patients in 2019. The project is also expected to increase patient visits by 42%, growing from 255,000 in 2019 to an estimated 362,000 in 2028.
PCHC is the largest primary health care provider in Providence and the only Federally Qualified Health Center (FQHC) in the immediate area of the project site. In addition to its 13 current health center sites, PCHC also operates a school-based program and a dental clinic serving children under the age of 19 and pregnant women. PCHC provides comprehensive and culturally sensitive primary health care services to more than 50,000 residents of Providence and its surrounding areas. More than 92% of patients are racial and/or ethnic minorities. Of the patients who reported their income, 98% are at or below 200% of the Federal Poverty Level. Learn more here.
To learn more about Capital Fund’s loan products, including New Markets Tax Credits, please contact Brandon Boyle, Director of Loan Programs, at This email address is being protected from spambots. You need JavaScript enabled to view it..