Progressive Community Health Center
Progressive Community Health Center (PCHC) is a nonprofit federally qualified health center based in Milwaukee, WI. PCHC delivers vital health care services to the medically underserved population in the Washington Park community of Milwaukee. In 2010, 94% of PCHC patients were either uninsured or insured through Medicaid/Medicare. LIIF provided PCHC a $6.5 million allocation of New Markets Tax Credits (NMTC) as part of a $12 million transaction to finance the construction of a new 42,000-square-foot facility to replace one of their current clinics. The new facility will be four times larger and enable PCHC to grow from serving 8,000 to 20,000 patients annually. In the new facility, PCHC will also be able to expand their range of services to include diagnostic radiology and mammography, nutrition counseling, diabetes education and, eventually, integrated behavioral health services.
Along with its NMTC allocation, LIIF is leading the financing of two bridge loans as part of HealthCo, a healthcare facility lender consortium including LIIF, The Reinvestment Fund, Primary Care Development Corporation, Goldman Sachs Bank and the Rockefeller and Kresge Foundations. IFF, a Chicago-based CDFI, is providing additional permanent debt to the transaction.
- 20,000 clients served annually
42,000 square feet of new space for health services
99 jobs created or retained
Specialty medical services including diagnostic radiology and mammography, nutrition counseling and diabetes education.
- $6.5 million New Markets Tax Credit allocation
$6.2 million in bridge loans from the HealthCo Collaborative
- Goldman Sachs
- JPMorgan Chase
- Kresge Foundation
- Primary Care Development Corporation
- Rockefeller Foundation
- The Reinvestment Fund
Community Capital for Health Clinics
New Markets Tax Credits