Capital Fund Provides One of Nation’s Largest FQHCs with NMTC Allocation
Due to high patient demand at its 4725 Market Street location in San Diego, CA, Family Health Centers of San Diego (FHCSD)—one of the 10 largest health centers in the country—has embarked on a $24.6 million building expansion project, called The Diamond II – Family Counseling and Wellness Center. Capital Fund is proud to support this project with an $8 million New Markets Tax Credit (NMTC) allocation.
In addition to Capital Fund’s allocation, the project will also be funded through an $11 million NMTC allocation from Civic Communities Partners, Inc., and the health center’s cash on hand.
The Diamond II will be a five-story structure with four levels of parking topped by a 20,500-square-foot clinic, which will include a women’s health suite, a physical rehabilitation suite, and a mental health suite. The women’s health suite will consist of 12 exam rooms, two offices for perinatal case management, a fetal non-stress test room, as well as nursing and provider stations. The physical rehabilitation suite will consist of six chiropractic treatment rooms, five sports medicine treatments rooms, a large gym style physical therapy area, and provider stations. The mental health treatment suite will have 22 behavioral health therapy rooms and two behavioral health group treatment rooms.
The new clinic will allow FHCSD to increase annual patients by 25%, from 161,436 in 2022 to a projected 201,865 by 2030. Patient visits are also expected to increase by 31%, growing from 1.03 million in 2022 to nearly 1.4 million in 2030. This project will also grow community jobs, increasing FTEs from 2,054 to 2,716 in 2030—a 32% jump.
The Diamond II Center will be located in the Diamond I Center’s 85,000-square-foot parking lot. Both clinics will continue to operate upon completion of the Diamond II project, set to open in August 2024.
As one of the 10 largest Federally Qualified Health Centers (FQHC) in the United States, FHCSD operates 73 sites across San Diego County along with multiple mobile medical units. For 50 years, FHCSD’s mission has been to provide caring, affordable, high-quality health care and support services to the communities in which they operate. The health center is focused on identifying and improving the impact negative of social drivers of health on communities. This mission has resulted in FHCSD expanding beyond primary health care and into health research, housing, employment training, and job opportunities for its low-income patients and their families.
To learn more about Capital Fund’s loan products, including our LoanPlus program, please contact Brandon Boyle, Senior Director of Loan Programs, at This email address is being protected from spambots. You need JavaScript enabled to view it..