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PCDC – a Healthcare CDFI

PCDC – a Healthcare CDFI. Financial Innovation Roundtable Tom Manning, PCDC Washington, DC - March 2014. PCDC Background. Nonprofit CDFI formed in 1993 Mission – Similar to that of FQHCs:

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PCDC – a Healthcare CDFI

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  1. PCDC – a Healthcare CDFI Financial Innovation Roundtable Tom Manning, PCDC Washington, DC - March 2014

  2. PCDC Background • Nonprofit CDFI formed in 1993 • Mission – Similar to that of FQHCs: • To expand and transform primary care in underserved communities to improve health outcomes, lower health costs and reduce disparities. • Nearly $500 million invested in 100+ primary care projects in LICs serving over 700,000 individuals • 4,600 jobs created/retained in low-income communities.

  3. What’s Behind a Health Center Project Project: Replacement for Addabbo Health Center; Queens, NY • Services closely linked to nearby public housing • Success of project has helped Addabbo build from 1 site to 5; 12,000 patients to 50,000;become financially strong. PCDC Loans: • $1.4 million - Pre-Construction Loan • $3.6 million - Subord. Const. Loan • $3.9 million - 15-yr. Fixed Loan Other Sources: • $1.5 million - HOPE VI • $6.5 million - Other State, Fed, Local • $3.9 million – Bank Senior Const. Loan • $250,000 – Private Foundations

  4. Building to Save At-Risk Services • Created in response to hospital closing • Provides medical, dental, mental health care to 30,000 patients • Includes medical & dental residencies, training new doctors for HPSAs & MUAs • Services & residencies linked to local schools, housing & social service agencies • Financing included $30 million NMTC credits; bridge loans to grants; $8.7 million in NMTC equity

  5. What’s Next? • $130MM national fund – Collaborative for Healthy Communities • Expansion Without Construction • Operational improvements to improve efficiency, expand services in existing footprint • Triggers capital need to finance growth • Pay For Success Financing • PCDC selected by NYS to finance $10MM diabetes prevention initiative • Non-medical intervention to maintain health

  6. Tom Manning Managing Director, Capital Investment tmanning@pcdc.org

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