Primary Care Development Corporation (PCDC) announced it has received a $1,137,500 award from the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund). The award was made through the Fiscal Year 2020 round of the Community Development Financial Institutions Program (CDFI Program) and the Native American CDFI Assistance Program (NACA Program), in which 397 financial institutions received $204.1 million in awards.
PCDC will leverage the award to expand access to capital to support primary care and other community-based health providers serving low-income communities through the COVID-19 crisis and recovery.
“Primary Care Development Corporation is committed to helping health providers in underserved and under-resourced communities meet the unprecedented challenges of delivering primary care and other vital health services in this pandemic,” said Anne Dyjak, PCDC’s Managing Director for Capital Investment. “The COVID-19 crisis has highlighted disparities for low-income people and communities of color. We thank the CDFI Fund for this critically important assistance which will aid our efforts to improve health equity in these communities and congratulate our CDFI partner awardees.”
PCDC received a two-part award, earning the highest award amount in each category:
- A $900,000 Financial Assistance Award to expand PCDC’s lending efforts nationwide
- A $237,500 Persistent Poverty Counties (PPCs) Award, which will be used to promote upcoming health center projects in communities such as Bastrop, La. and Brooklyn, N.Y. PPCs are counties where at least 20 percent of area residents have lived in poverty over the past 30 years
For the FY 2020 CDFI Program round, the CDFI Fund awarded financial assistance and technical assistance awards to PCDC and organizations in 45 states, the District of Columbia, and Puerto Rico. The CDFI Program invests in and builds the capacity of CDFIs to serve low-income people and communities lacking adequate access to affordable financial products and services. The awards enable CDFIs to increase lending and investment activity in low-income and economically distressed communities across the nation.
To learn more, visit http://pcdc.org/communityinvestment