The Primary Care Development Corporation (PCDC) has been awarded $65 million in New Markets Tax Credits (NMTC) from the U.S. Department of the Treasury’s Community Development Financial Institutions (CDFI) Fund. The award matches last year’s record allocation and is the highest tier of allocations awarded to Community Development Entities (CDEs).
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 and urban communities across the country.
PCDC was one of 100 community development entities (CDEs) selected to receive $5 billion in NMTC allocation for 2021-22.
“The NMTC Program is an invaluable tool for PCDC to serve health care providers nationwide, especially in communities struggling with high poverty, unemployment, and the increased need for health care services due to the pandemic,” said William O’Brien, PCDC’s Chief Lending Officer. “By working with providers to expand and improve facilities, capacity, and services, we can make great strides in improving health equity, and expanding primary care and behavioral health access among underserved communities uniquely impacted by COVID-19.”
According to CDFI Fund statistics released today:
- The 100 awardees were selected from a pool of 200 applicants requesting a total of $15.1 billion in allocations.
- Award recipients are headquartered in 34 different states and the District of Columbia.
- It is estimated that award recipients will make more than $1 billion in NMTC investments in non-metropolitan and rural communities.
- Historically, the NMTC Program awards have generated $8 of private investment for every $1 invested by the federal government.
PCDC’s NMTC Program helps meet the capital needs of community-based health providers across the country to expand and enhance primary care and behavioral health services. To date, PCDC has invested $284 million to finance and enhance medical, dental, substance misuse, and mental health care services nationwide. These projects developed 979,000 square feet of health care facility space to serve 400,000 patients and created 3,100 construction jobs and 3,300 permanent jobs.
For more information about PCDC’s NMTC Program, please contact us.