The Primary Care Development Corporation (PCDC) recently completed financing on a $47 million project that will dramatically increase access to primary care services across three key Connecticut cities.
The financing enables Community Health Center, Inc. (CHC), Connecticut’s largest federally qualified health center (FQHC), to increase services by 60 percent, expanding its reach to an additional 16,000 patients in economically distressed and medically underserved communities.
The three projects benefit communities both locally and nationwide:
“Quality primary care should be accessible and available in all communities,” said Anne Dyjak, PCDC Managing Director. “Community Health Center, Inc. has delivered on this promise for nearly a half century, and we are pleased to provide our support to expand primary care services and access in Connecticut.”
The three projects are expected to create and retain 160 quality health care jobs accessible to the surrounding low-income community residents. These jobs will provide living wages and benefits, including health and life insurance coverage, retirement savings plans, and access to continuing education and professional training.
“This financing and subsidy are critical to all three construction projects, enabling us to significantly expand the number of low-income individuals for whom we can provide critical health care services,” said Mark Masselli, President and CEO of CHC. “We are grateful to PCDC, not just for providing capital, but for their guidance in navigating our next phase of growth.”
PCDC supported CHC’s expansion with $11 million in New Markets Tax Credit (NMTC) allocation and a $5.5 million construction loan. The project was further aided by NMTC allocation and financing from three other parties: Boston Community Capital, Capital Impact Partners, and Capital One Bank.
All three projects are underway, with an anticipated completion date in the summer of 2019.