Opportunity Fund is excited to announce its first New Markets Tax Credit project in Colorado: the construction of a new health care facility for Clínica Tepeyac, a non-profit federally qualified health center, or FQHC, in Denver, Colorado.
Clínica Tepeyac is based in the Globeville Elyria-Swansea neighborhood in Denver, which is one of the most polluted zip codes in the United States, and an economically distressed area.
Since its founding, Clínica Tepeyac has expanded from a two-exam room clinic to an FQHC serving approximately 4,500 unduplicated patients annually, of whom 89% do not speak English as a first-language, 96% are Latino, and 90% are below 200% of the poverty level.
Clínica Tepeyac does not currently have the space to adequately meet the community’s needs, making it imperative to build a new facility. This NMTC project will finance the construction of the ground floor retail component of a 150+ unit affordable housing development, which will be occupied by Clínica Tepeyac and also provide space for a fresh food retailer.
The new 24,397 square foot clinic will provide quality healthcare services to 9,600 unique patients annually (in addition to the 4,500 already served by the existing clinic), the vast majority of whom are estimated to be low-income and minority patients. The 5,380 square foot retail space occupied by a fresh food retailer will provide fresh and local produce with a tiered pricing structure beneficial to the neighborhood residents in a USDA-designated Food Desert.
- 102 full time permanent jobs projected to be created or retained (28 for low income individuals), all paying living wages and receiving benefits
- 86 projected construction jobs (21 for low income individuals), all paying living wages
- 9,600 projected unique individuals served annually (90% low income)
Community Demographics & Characteristics:
- Poverty rate: 31.2%
- Household Median income: 49.4% of Area Median Income
- Unemployment: 1.28x the national unemployment rate
- USDA Food Desert
Given COVID-19’s disproportionate short- and long-term impacts in low income communities, access to quality and affordable health care will be especially critical. Funding of this NMTC project reaffirms Opportunity Fund’s commitment to supporting affordable and comprehensive medical, mental, and dental coverage for our nation’s low-income communities.
If you are interested in learning more about the Opportunity Fund’s New Markets Tax Credit Program, please reach out to Marissa Meir at Marissa@OpportunityFund.org.
Opportunity Fund, the nation’s leading nonprofit small business lender, believes small dollar loans help hard-working entrepreneurs make lasting change in their own lives and build stronger communities by growing businesses and creating jobs. Opportunity Fund’s community of donors and investors is creating an inclusive financial system that empowers women, immigrant, and minority small business owners. Our strategy combines microloans for small business owners and New Markets Tax Credit investments in high-impact community infrastructure projects. Since 1994, Opportunity Fund has deployed more than $1 billion and helped thousands of entrepreneurs invest in their families’ futures. The organization has committed to lending an additional $1.2 billion to small business owners across the country and investing $174 million in community real estate projects by 2023.
In March, 2020, Opportunity Fund and Accion, The US Network, joined forces to establish Accion Opportunity Fund, the first organization focused on a national microlending strategy to meet the credit needs of small businesses – developing new products, establishing new partnerships, promoting research and financial education, and leveraging digital technologies to support mission-driven lending.
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