On December 22, 2020, Capital Fund participated in a financial closing to support construction of Five River Health Centers’ (Five Rivers) nearly $31.6 million new facility in Dayton, OH.
Capital Fund contributed a $9 million New Markets Tax Credit (NMTC) allocation for Five Rivers’ new 84,000-square-foot facility, a 34,000-square-foot increase from the five leased sites that will be consolidated into the new location. In addition to Capital Fund’s allocation, project financing also included $14 million from Dayton Region New Markets Fund and $7 million from Urban Action Community Development.
Capital Link worked with Five Rivers’ management team throughout the entire planning process, including providing a market assessment/patient demand analysis, preliminary functional program planning, an eight-year financial forecast that was crucial to securing the leveraged debt in the transaction, and structuring closing assistance throughout the NMTC closing process.
Slated to be completed by December 2021, the new clinic will provide 88 exam rooms and 10 dental operatories, and will enable the health center to serve an estimated 14,000 additional patients annually. The new facility will offer expanded behavioral health, medical services, dental services, psychiatry, substance abuse, pharmacy, enabling services and complementary services.
Founded in 2011, Five Rivers provides both primary and specialty care service to low-income patients in Dayton, OH, currently serving more than 25,000 patients annually with more than 87,000 visits in the Greater Dayton community. Five Rivers also runs one of the largest physician residency programs in the country in collaboration with Miami Valley Hospital. Learn more here.
For more information about Capital Link’s capital planning services please contact Jonathan Chapman, Chief Project Officer at This email address is being protected from spambots. You need JavaScript enabled to view it.. 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..
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.
For more information about Capital Fund’s loan products, including New Markets Tax Credit, please contact Brandon Boyle, Director of Loan Programs, at This email address is being protected from spambots. You need JavaScript enabled to view it..
As a leader in providing New Markets Tax Credits (NMTC) financing to Federally Qualified Health Centers (FQHCs), Community Health Center Capital Fund has successfully secured a total of $130 million in allocation, including the recently announced $50 million award. Capital Fund is dedicated to securing the maximum NMTC allocation possible to benefit FQHCs across the country. To help FQHCs prepare for NMTC financing, Capital Fund has awarded the following health centers with NMTC Preparation Program grants:
Each health center will receive a grant from Capital Fund to be applied toward the cost of an engagement agreement with our affiliate Capital Link, to develop the materials needed for a successful NMTC financing for their capital projects. Components supported by grant funding may include: a transaction summary detailing the proposed project and its expected community benefits, a full business plan with a seven-year financial projection, market assessment, project design assistance, operational assessment, NMTC structuring including securing leverage debt (if needed), and guidance and assistance throughout the closing process.
Each grantee recently completed the initial phase of our NMTC Preparation Program, during which they received technical assistance from Capital Link. All plan to seek NMTC financing for a capital project in 2021 or 2022.
On July 15, 2020, Capital Fund received a $50 million New Markets Tax Credit (NMTC) allocation award from the U.S. Department of the Treasury’s Community Development Financial Institutions Fund. This award will enable us to increase lending to health centers seeking to finance facilities and operational growth to better serve its communities and expand access to care.
Interested health centers should act now!
Due to the large volume of inquiries for this program we are asking all interested parties with an FQHC project to complete and submit an intake form. The form will allow Capital Fund to determine if your project meets our minimum standards and will begin to inform us about your project. All organizations which meet our minimum requirements will be contacted by Capital Fund staff. Capital projects of $5 million or above are ideal candidates for this allocation, and for the upcoming application cycle through which $5 billion will be awarded.
To provide more information about this opportunity, Capital Fund and our affiliate Capital Link recently hosted a webinar, $3.5 Billion NMTCs Just Awarded – How to Pursue NMTC Funding for Your Project. Click here to listen to the recording and access the slides.
For questions, please contact Brandon Boyle, Director of Loan Programs, via email at This email address is being protected from spambots. You need JavaScript enabled to view it.. No phone calls please.
On April 1, 2020, Community Health Center Capital Fund (Capital Fund) provided a loan to Community Health Care Systems, Inc. (CHCS) to meet its cash flow needs and improve its liquidity.
The $750,000 loan will support CHCS expansion and efficiency improvement efforts in order to better serve its patient community. With 18 locations, CHCS provides health care services to underserved populations across 13 counties in rural Georgia. Seven of the counties are Persistent Poverty Counties, indicating a high level of economic need among the population. As a Federally Qualified Health Center, CHCS works to provide leadership and services in healthcare necessary to improve the health of its communities. The center offers medical, dental, and behavioral health services to individuals and families, as well as health education, disease prevention programs, community outreach, and enrollment services.
In 2018, CHCS served over 20,000 patients through over 73,000 visits. This loan from Capital Fund will allow the health center to continue to meet the needs of patients across central Georgia, and help promote 100% access to healthcare services for all.
For more information about Capital Fund’s loan products, including direct loans and 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.
Yesterday, the U.S. Department of the Treasury’s Community Development Financial Institutions (CDFI) Fund announced the awardees of the FY 2019 CDFI Program round. We are proud to announce that Capital Fund is among the 284 CDFIs receiving a Financial Assistance (FA) award. The $650,000 award will enable Capital Fund to increase its lending for community health centers seeking to finance facilities and operational growth. Learn more about the CDFI program and the awards here.
If your health center needs additional funding for an upcoming expansion or renovation project, Capital Fund may be able to help. To learn more, please contact Brandon Boyle, Director of Loan Programs, at This email address is being protected from spambots. You need JavaScript enabled to view it..
The Good to Grow CDFI Investment Fund (G2G Fund), a joint venture of the Opportunity Finance Network (OFN) and HSBC Bank, has awarded Capital Fund with a 10-year, $500,000 investment to support its direct loan program. The G2G Fund provides long-term, equity equivalent investments to Community Development Financing Institutions (CDFIs), such as Capital Fund, that finance community development projects, including health center facilities.
The award will enable Capital Fund to increase its capacity to offer affordable loans to Federally Qualified Health Centers across the US for construction, renovation, and expansion of health center facilities and related equipment.
To learn more about the Good to Grow Fund, click here.
For more information about Capital Fund’s loan products, please contact Brandon Boyle, Director of Loan Programs, at This email address is being protected from spambots. You need JavaScript enabled to view it. or by phone at 617-988-2265.
The Richard W. Goldman Family Foundation has awarded Capital Fund a Program Related Investment to support its direct loan program. The award will enable Capital Fund to increase its capacity to offer affordable loans to Federally Qualified Health Centers across the US for construction, renovation, and expansion of health center facilities and related equipment.
For more information about Capital Fund’s loan products, please contact Brandon Boyle, Director of Loan Programs, at This email address is being protected from spambots. You need JavaScript enabled to view it. or by phone at 617-988-2265.
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.
For more information about Capital Fund’s loan products, including direct loans and 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..