The Primary Care Development Corporation (PCDC) is excited to announce it has received an allocation of $50 million in New Markets Tax Credits (NMTC) from the U.S. Department of Treasury. PCDC was one of 120 community development entities (CDEs) selected to receive $7 billion in NMTC allocation under this current round of awards covering 2015 and 2016.
The NMTC Program, administered by the CDFI Fund, spurs economic growth through federal tax credits that attract private investment to distressed communities. PCDC’s NMTC program provides low-cost financing to projects expanding integrated health care, including primary care, behavioral health, oral health, case management and other enabling services, and uses these tax credits to catalyze and leverage private investment in projects that improve access to primary care to create healthy, thriving communities.
“The NMTC program provides an extremely important resource to PCDC, and supports strategic community investments in primary care across the country,” said Anne Dyjak, PCDC Managing Director. “We work with providers who are developing projects that deliver critically necessary services in underserved communities and that will benefit from this powerful community development resource. We congratulate our fellow awardees, and look forward to partnering with them to make these communities’ plans a reality.”
Since 2007, PCDC has been awarded $188 million in NMTC allocation. PCDC’s NMTC program has provided financing across eight states to support over $400 million in projects, and have led to the development of 520,000 square feet of health care facility space to serve over 200,000 patients. For more information about PCDC’s NMTC program, please contact us.