Capital Fund Provides Financing to Shasta Community Health Center in CA
Capital Fund recently provided Shasta Community Health Center (SCHC) in Redding, CA, an $11 million New Markets Tax Credit (NMTC) allocation for the construction of a two-story, 31,400-square-foot Women, Babies, and Children Clinic to replace its existing maternity clinic. Our affiliate Capital Link led the financing and closing, which took place on March 28, 2023.
The new facility, located across the street from the health centers' main clinic, will replace SCHC’s existing maternity clinic and offer primary care pediatric, maternal, and vision care services. By integrating its maternal care services into its existing campus environment, the project will enable SCHC to allocate 7,400 square-feet of space to administrative services and allow for more efficient and expansive care opportunities.
The new clinic will have 24,000 square feet of clinical space, enabling the health center to serve approximately 13,000 patients annually. The project will also move the maternity care closer to the main site, compared to the former site which was 10 blocks from the medical campus. By relocating pediatrics and financial services departments to the new facility, the project will allow for more capacity in the main health center site for additional services and programs.
In addition to the $11 million NMTC allocation from Capital Fund, the project also received NMTC allocation from California Statewide Communities Development Corporation, as well as an NMTC allocation from Chase and a bank loan from Cooperative Bank, NA.
Since opening in 1988, SCHC has provided comprehensive, affordable primary health care, dental care, mental health, and substance abuse services to residents of all incomes in Shasta County and its surrounding communities. Through its seven locations throughout Shasta County, SCHC serves more than 34,000 patients annually, as well as provides care to over 3,200 homeless patients through its HOPE Mobile Health and Street Medicine outreach program.