Primary Care Development Corporation Provides Financing to Build New Health Center in New Orleans
The Primary Care Development Corporation (PCDC) last week completed financing for the construction of a new health care facility in New Orleans, bringing much-needed primary care and prevention services to a community still rebuilding after Hurricane Katrina.
The new 64,000-square-foot facility will enable CrescentCare, a community health center that provides a spectrum of care at low to no cost, to expand access to primary care services while enhancing care for current patients. Construction will begin later this summer, resulting in the consolidation of four existing leased facilities into one comprehensive campus. The project will create or preserve over 450 part- and full-time jobs.
“CrescentCare has been steadily growing for years, offering services to more and more New Orleanians,” said Noel Twilbeck, CrescentCare CEO. “This new facility is very exciting, since it will help us to truly put a dent in a still-present need, tripling our capacity to serve, at no sacrifice to quality. We know the need is there — that’s why this meaningful investment is so crucial to our mission.”
CrescentCare has long been a primary source of care for the LGBTQ community as well as people living with HIV and AIDS. When completed, the new facility will continue to deliver care for these groups while increasing its ability to support the broader patient populations of New Orleans.
Funding for the new facility was made possible through loan financing of $10 million, provided by the Primary Care Development Corporation (PCDC), with the Low Income Investment Fund (LIIF) and Reinvestment Fund as participating lenders. Funding also included an allocation of New Markets Tax Credits (NMTC), federal tax credits designed to stimulate investment in low-income communities. In total, $21 million in NMTCs were allocated by PCDC ($10 million), Hope Enterprise ($8 million), and JPMorgan Chase ($3 million). JPMorgan Chase is also the investor.
“CrescentCare provides high-quality comprehensive primary care, which is particularly critical for the underserved in the New Orleans community,” said Anne Dyjak, PCDC Managing Director. “PCDC is proud to once again support Crescent Care, as it works to provide greater access to high-quality primary care services and wellness programs in a beautiful, state-of-the-art setting.”
“Our support for CrescentCare advances HOPE’s commitment to ensuring universal access to vital services like quality health care,” said Bill Bynum, HOPE CEO. “It is also furthers our mission of attracting private investment that creates high-quality, community-strengthening jobs in our region.”
“For almost 25 years, CrescentCare has been a trusted health care provider to New Orleans’ at-risk residents. Chase is proud to help fund CrescentCare’s expansion to ensure their service to New Orleans continues for years to come,” said Benjamin Glispie, Executive Director, Chase’s New Markets Tax Credit group.
“The Low Income Investment Fund is thrilled to invest in a new health care and office building for CrescentCare, which will provide much-needed access to quality, affordable medical, dental, and social services for New Orleans’ most vulnerable residents,” said Sajan Philip, Director, Central Region and Washington, D.C., for LIIF. “LIIF’s investment in CrescentCare is part of our organization’s efforts to provide capital for healthy families and communities.”
“Reinvestment Fund is pleased to partner in the financing of this new multi-service facility for CrescentCare that will improve access to critical health services in New Orleans,” said Bridget Wiedeman, Senior Director, Reinvestment Fund’s Health Services Lending. “The new facility will not only expand CrescentCare’s medical services, but it will also enable families and individuals to more easily connect with a range of supportive programs that promote health and wellbeing.”
Highlights of CrescentCare services include:
• A complement of support services, such as a food pantry, housing assistance, peer support, and legal services
• A host of counseling, prevention, and testing programs funded by the U.S. Centers for Disease Control and Prevention
• A commercial 340B pharmacy program offering low-cost prescriptions including HIV treatment and prevention medication
• Financial coaching through a partnership with the Consumer Financial Protection Bureau
In 2016 Louisiana expanded its state Medicaid program which provided health care coverage to over 415,000 newly eligible residents – over 50,000 of them in Orleans Parish, where CrescentCare is located. Access to primary and preventive care is a key social determinant of health and pivotal to the educational and economic success of struggling families. With regular access to quality primary care, common illnesses – such as diabetes, asthma, and heart disease – can be prevented or managed before they become serious as well as more difficult and costly to treat.
CrescentCare is a nonprofit provider of holistic, community-based wellness services including primary medical care for everyone in the Greater New Orleans area. CrescentCare’s foundation stands upon more than 30 years of delivering quality, person-centered health care through NO/AIDS Task Force which was founded in 1983 in response to the AIDS crisis.
HOPE (Hope Enterprise Corporation, Hope Credit Union and Hope Policy Institute) provides affordable financial services; leverages private, public and philanthropic resources; and engages in policy analysis to fulfill its mission of strengthening communities, building assets, and improving lives in economically distressed parts of Arkansas, Louisiana, Mississippi and Tennessee. Since 1994, HOPE has generated over $2 billion in financing that has benefitted more than one million in of the nation’s most impoverished regions.
About the Low Income Investment Fund (LIIF)
The Low Income Investment Fund invests capital to support healthy families and communities. Since 1984, LIIF has served 1.9 million people by investing $2.0 billion. Over its history, LIIF has provided financing and technical assistance to create and preserve affordable housing, child care centers, schools, healthy food retail, health clinics and transit-oriented development in distressed neighborhoods nationwide. LIIF’s work has generated more than $50 billion in family income and societal benefits. LIIF has offices in San Francisco, Los Angeles, New York City and Washington, D.C. For more information about LIIF, visit www.liifund.org.
About the Primary Care Development Corporation
The Primary Care Development Corporation is a nationally recognized nonprofit organization and a U.S. Treasury-certified community development financial institution (CDFI) that catalyzes excellence in primary care through strategic community investment, capacity building, and policy initiatives to achieve health equity. Learn more about PCDC’s programs to expand and transform the primary care sector at pcdc.org.
About Reinvestment Fund
Reinvestment Fund is a catalyst for change in low-income communities. We integrate data, policy and strategic investments to improve the quality of life in low-income neighborhoods. Using analytical and financial tools, we bring high-quality grocery stores, affordable housing, schools and health centers to the communities that need better access—creating anchors that attract investment over the long term and help families lead healthier, more productive lives. Learn more at reinvestment.com.