On June 11th 2020, Opportunity Fund is excited to announce the closing of $9.6 million in New Markets Tax Credit (“NMTC”) financing for the Yakima Valley Farm Workers Clinic (“YVFWC”), a non-profit, Federally Qualified Health Center, or FQHC, in partnership with U.S. Bancorp Community Development Corporation and Bank of America.
The NMTC financing will support the construction of a new 40,000 square foot community health clinic in Kennewick, Washington. The new facility will serve low-income and/or uninsured residents in the Tri Cities area (Kennewick, Pasco, and Richland).
YVFWC’s primary mission is to serve low-income populations, and a third of YVFWC’s patient population consists of seasonal or migrant workers. For the past ten years, YVFWC has served the Tri Cities out of a small medical clinic (two physicians and two mid-levels) in Pasco. However, YVFWC’s Pasco clinic only serves a fraction of the demand for healthcare services in the Tri Cities area.
The project will create or retain 76 full-time equivalent (“FTE”) permanent jobs, including 46 for low income individuals. YVFWC estimates the new clinic will provide care to 12,360 unique patients per year across over 53,000 patient visits.
– 12,360 projected unique individuals served annually (80% low income and 76% minorities)
– 76 FTE permanent jobs projected to be created or retained (including 46 for low-income individuals), all paying living wages and receiving benefits
– 80 projected construction jobs (including 56 for low-income individuals)
Funding of the new YVFWC facility reflects Opportunity Fund’s ongoing commitment to supporting low income communities with inadequate access to fundamental services (healthcare, nutrition, education, temporary shelter, etc.)
Opportunity Fund has provided more than $377 million in NMTC investments to help finance the construction or rehabilitation of 31 community facilities or Native American jobs projects, including community health centers, homeless services facilities, at-risk youth projects, and three phases of a Native American forest and salmon fishery restoration project. Since inception, our projects have created, retained, or supported 7,231 jobs (3,520 low-income jobs) and currently serve 420,087 low-income clients annually.
If you are interested in learning more about the Opportunity Fund’s New Markets Tax Credit Program, please reach out to Marissa Meir at MMeir@OpportunityFund.org.