Client: Care Resource Community Health Centers, Inc. (Care Resource)
Client location: Miami
CDFI: Community Health Center Capital Fund
CDFI service area: National
CDFI services provided: Financing
Founded in 1998, Care Resource supports the growth and development of community-based health centers serving low-income and uninsured populations, operating five health centers across Miami and South Florida. In June 2019, Care Resource broke ground to transform its existing 22,000 square foot, two-story Midtown Miami headquarters building into a 55,000 square foot, seven-story community health center with financing from Community Health Center Capital Fund (Capital Fund) and several other partners.
Once completed in early 2021, the reconstruction project will enable the facility to house an additional 14 exam rooms, 10 dental stations, and a 1,271 square foot retail pharmacy. Financing for Care Resource’s $34 million expansion included New Markets Tax Credits (NMTC) and a direct loan from Capital Fund, a NMTC equity investment and loan from Primary Care Development Corporation, a Health Center Program grant from the Health Resources and Services Administration, a loan from National Cooperative Bank, and the health center’s own cash investment.
“In addition to offering primary care services, Care Resource will focus on treating, educating, counseling, and managing patients affected by AIDS and HIV. This population has traditionally experienced barriers to quality health care due to societal stigmas and misinformation surrounding the disease despite decades of improvements in medication and treatment. This project will alleviate barriers to quality health care for this population and provide a comfortable setting for AIDS and HIV patients to seek needed medication, treatment, and counseling to improve their lives and the lives of their loved ones,“ said Andrew Agyemang, loan officer at Capital Fund.
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