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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: - PowerPoint PPT Presentation
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Slide 1
PCDC – a Healthcare CDFI
Financial Innovation RoundtableTom Manning, PCDC
Washington, DC - March 2014
Slide 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.
Slide 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 LoanOther Sources:$1.5 million - HOPE VI$6.5 million - Other State, Fed, Local$3.9 million – Bank Senior Const. Loan$250,000 – Private Foundations
Slide 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
Slide 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