The Primary Care Development Corporation (PCDC) has been awarded $65 million in New Markets Tax Credits (NMTC) – PCDC’s largest allocation to date and amongst the highest awarded in this round of awards – 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 76 community development entities (CDEs) selected to receive $3.5 billion in NMTC allocation for 2020-21.
“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 coronavirus pandemic,” 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 and the communities most impacted by COVID-19. We congratulate our fellow awardees and look forward to collaborating on high-impact projects that transform the health and economic landscape to build and strengthen communities that have historically been underserved and underinvested.”
According to CDFI Fund statistics released today:
- The 76 awardees were selected from a pool of 206 applicants requesting a total of $14.7 billion in allocations.
- Award recipients are headquartered in 30 different states and the District of Columbia.
- It is estimated that award recipients will make more than $706 million in NMTC investments in non-metropolitan and rural 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 deployed $248 million in NMTC allocation to increase access to health care and services to underserved residents in economically distressed communities.
For more information about PCDC’s NMTC Program, please contact us.