The U.S. Treasury's Community Development Financial Institutions Fund has allocated $55 million in New Markets Tax Credits to the Primary Care Development Corporation to invest in primary care in underserved communities throughout the U.S.
PCDC is a nonprofit organization dedicated to transforming and expanding primary care in underserved communities to improve health outcomes, reduce healthcare costs and disparities. It is one of 76 Community Development Entities to share in $3.5 billion in the New Markets Tax Credit Allocation. Awardees were selected from a pool of 263 applicants.
The recent $55 million tax credit allocation follows a $43 million tax credit allocation PCDC received in 2014, which helped the organization and partnered financial institutions develop community health center projects, expand and build new clinics and integrate medical and behavioral health services in a number of underserved communities.
All total, PCDC — a U.S. Treasury-certified CDFI member — has financed more than 100 primary care projects valued at more than $650 million, creating capacity for 2.6 million annual primary care visits for more than 800,000 patients. This investment has developed or improved 1.2 million square feet of space and created or preserved more than 6,500 jobs in low-income communities.
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