Grant: $2,000,000 - Community Development Financial Institutions - Jul. 28, 2009
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Award Description: The Financial Assistance Award from the CDFI Fund will be used to expand financing and development services to community-based not-for-profit health center organizations providing primary and preventive health care to Low-Income Targeted Populations in New York. PCDC is using the FA Award to provide short-term pre-construction, subordinated construction and other bridge loans, as well as to fund reserves on long-term loans. In lending to health centers, PCDC is able to have a significant impact on health center organizations and through them on the communities they serve. Health centers are not only an important health resource to low-income residents; they are also engines of local economic development. It is anticipated that the FA Award and the lending capital it will leverage over the next three years will help generate 235 construction jobs and 415 permanent jobs; 99,000 square feet of new, expanded or renovated community health centers; and 285,000 medical visits by 95,000 low-income patients. To date, the FA Award was used to make a construction related bridge loan to community health center and towards reserves for a permanent loan for a health center expansion.
Project Description: In this quarter, the FA Award was used to make a short-term loan to a community health center and to provide loan loss reserves on a loan made to another health center. The financing provided will develop new and improved community health facilities in underserved areas within New York, create construction and permanent jobs in the low-income communities the health centers are located in and create additional capacity for medical visits for predominantly low-income patients. For the quarter ended 9/30/2009, the FA Award has been used to make a construction-related bridge loan to a primary care health facility being constructed in Bedford Stuyvesant, Brooklyn, NY and to fund loan loss reserve on a construction loan to expand clinical space at an existing health center in Bronx, NY providing comprehensive primary and specialty health care to people with developmental disabilities.
Jobs Summary: The FA award partially funded a $1.95 million bridge loan for a 40,000 square feet, $16 million primary health care facility, creating an estimated 161 FTE in construction related jobs. The jobs created include construction trades people, architects, and engineers. The construction trades and related workers include: masonry, carpenters, boilermakers, installers and finishers, concrete finishers, pavers, construction and building inspectors, construction laborers, plumbers, plasterers and stucco masons, roofers, sheet metal workers, and structural and reinforcing iron and metal workers. The FA Award also funded the loan loss reserve for a construction loan to renovate a health center creating an estimate 1.39 FTE in construction related jobs to-date, attributed to architectural work. (Total jobs reported: 162)
Project Status: More than 50% Completed
This award's data was last updated on Jul. 28, 2009. Help expand these official descriptions using the wiki below.