Arlington, VA (July 29, 2019) National Cooperative Bank (NCB), a leading financial institution dedicated to providing banking solutions to cooperatives and socially responsible institutions nationwide, recently closed two loan transactions totaling $15.5 million to support a $32.8 million New Markets Tax Credit (NMTC) financing package for the rehabilitation and expansion of a Care Resource Community Health Center (Care Resource) facility in Miami, Florida.
Care Resource, which has four clinical facilities, is a 501 c (3) non-profit and Federally Qualified Health Center serving the low-income minorities, at-risk populations, elderly, LGBTQ adolescents and adults and the residents of both Miami-Dade and Broward County, Florida.
Once completed, the expanded facility will nearly double in size, and provide both additional medical exam rooms for primary health care, dental and behavioral health services and a much needed parking structure to facilitate the use of the new services by its community. The new center will also house a 1,271 square foot retail pharmacy and have additional space for social services, community outreach and the food bank, Food for Life Network, Inc., which will provide patients access to healthy food and nutritional services.
The new facility will allow Care Resource to serve an additional 52,000 patients and create 257 new full time jobs.
Primary Care Development Corporation and Community Health Center Capital Fund, both Community Development Finance Institutions were participants in the NMTC financing package.
For more information on NCB’s products and services to the health care industry, please contact Bob Montanari, Senior Vice President at bmontanari@ncb.coop.