interest in PACE development accelerates, access to capital is critical
(Arlington, VA, November 18, 2014) The
National PACE Association (NPA) and the National Cooperative Bank (NCB) are
pleased to announce a lending program to help finance a nationwide expansion of
Programs of All-Inclusive Care for the Elderly (PACE). Over the last 12 months,
NPA has worked with NCB, a long-time leader in innovative social finance, to
help NCB develop a PACE lending program to address the lending gaps NPA members
face as they work to implement new or expand existing PACE programs.
“PACE is a model of care that has
always faced hurdles in accessing sufficient and affordable financing,” said
NPA president and CEO Shawn Bloom. “Because PACE is not easily understood,
attracting adequate financing can be a challenge. For this reason, we were
delighted to work with NCB to explore a PACE lending program. The new program
will be a great benefit to the missions of both organizations.”
The NCB program will provide working
capital and real estate lending to qualified PACE expansions and start-ups.
Under the program, PACE providers will work with a dedicated NCB team that
understands the PACE model well and is comfortable with the regulatory,
Medicare and Medicaid structures that support it. Through the related LeverAge
program, a partnership between LeadingAge, Grantmakers In Aging and NCB, NPA
members who are also LeadingAge members may benefit from interest rate
discounts, extended terms and credit support features.
“NCB has a history of supporting the
development of affordable senior housing and aging services, including PACE,” according
to Chuck Snyder, CEO of NCB. “We expect that this new avenue of financing will
provide even more opportunities for PACE development and expansion in the
future. We are delighted to be working with NPA to meet our shared mission of
expanding access to critical services for people with low income.”
PACE is a model of care that was
developed in San Francisco in the early 1970s as an alternative to nursing
homes. In order to enroll in the program, a person has be certificated as
needing a nursing home level of care, be age 55 or older, live in a PACE
service area, and be able to live safely in the community with the support of
PACE at the time enrollment. There are more than 100 PACE organizations
operating across the United States today.
The model is centered around an
interdisciplinary team of professionals operating from a PACE center that
provides adult day services, therapies, medication, transportation, and other
medically necessary care and services to keep the person in the community and
out of hospitals and nursing homes.
For questions regarding the NCB PACE
program, please contact Robert Jenkens, director of Social Impact Initiatives,
National Cooperative Bank, at 202-552-9632 or firstname.lastname@example.org. For more information on NCB, see ncb.coop.
NCB is dedicated to strengthening
communities nationwide through the delivery of banking and financial services,
complemented by a special focus on cooperative expansion and economic
development. Headquartered in Washington, DC, the Bank has offices in Alaska,
California, New York, Ohio and Virginia. To learn more, visit www.ncb.coop, National
Cooperative Bank on Facebook, or on Twitter @coopbanking.
The NCB Financial Group consists of the
Congressionally-chartered National Consumer Cooperative Bank (NCCB) and NCB,
FSB, a federally insured savings bank wholly owned by NCCB. The NCB Financial
Group provides financial products and services for the nation’s cooperatives,
their members, and socially responsible organizations.