PCDC Awarded $60 Million Allocation in U.S. Treasury New Market Tax Credits

Categories: Investment, PCDC News, Press Release

The Primary Care Development Corporation (PCDC) has been awarded $60 million in New Markets Tax Credits (NMTC) — PCDC’s largest allocation to date — from the U.S. Department of Treasury.

The NMTC Program, administered by the CDFI Fund, spurs economic growth through federal tax credits that attract private investment to distressed communities. NMTC has emerged as a prime source for building and strengthening the nation’s primary care infrastructure, increasing access to primary care services, and creating job opportunities in low-income rural communities and urban neighborhoods across the country.

PCDC was one of 73 community development entities (CDEs) selected to receive $3.5 billion in NMTC allocation for 2017-18.

“The NMTC Program is an invaluable tool for PCDC to serve health care providers nationwide,” said Anne Dyjak, PCDC Managing Director. “By working with providers to expand and improve facilities, capacity, and services, we help make tremendous strides in improving health equity among the underserved. We congratulate our fellow awardees and look forward to collaborating on high-impact projects that transform the health and economic landscape.”

According to CDFI Fund statistics released today:

  • The 73 awardees were selected from a pool of 230 applicants requesting a total of $16.2 billion in allocations.
  • Award recipients are headquartered in 29 different states, Guam, and the District of Columbia.
  • It is estimated that award recipients will make more than $685 million in NMTC investments in non-metropolitan counties.
  • Historically, NMTC Program awards have generated $8 of private investment for every $1 invested by the federal government.

PCDC’s NMTC Program provides flexible, low-cost financing to help meet the capital needs of health centers and other community based providers nationwide — ultimately improving primary care in underserved communities.

To date, PCDC has directed $180 million in NMTC allocation to finance 20 organizations delivering health care services.

For more information about PCDC’s NMTC Program, please contact us.