U.S. Bank Gives $5.3 Million in Financing to QueensCare Health Centers for New Facility in East Los Angeles

U.S. Bank will provide approximately $5.3 million in New Markets Tax Credit (NMTC) equity financing to QueensCare Health Centers (QHC) to help the nonprofit build a new community health center in East Los Angeles.

According to a release, the new facility will help address the growing need for healthcare for uninsured and low-income individuals in the area.

The new center will be located at 4816 East Third Street near the Metro Gold Line and will combine two existing sites currently operating at capacity. Construction is already underway and is expected to be complete by late 2014. QHC anticipates more than 51,000 annual patient visits at the new health center when it reaches full capacity - more than doubling the number of patients currently seen at both East Los Angeles sites.

"QHC has a long history of bringing care to communities where it is needed most," said Sean Foley, president of U.S. Bank in Southern California. "We're proud to support its ability to provide equitable access to primary healthcare, which is often the point of entry for most patients into the health care system."

U.S. Bank noted its investment was made possible using NMTCs allocated by New Markets Community Capital, an affiliate of TELACU, which provides financing to empower communities through community development, economic empowerment and educational advancement and is one of the largest Hispanic businesses in the United States.

"The availability of up-front NMTC capital means we can dedicate more of our resources to bringing quality healthcare to those in need, regardless of their ability to pay," said Barbara B. Hines, CEO of QueensCare Health Centers. "In addition to accepting MediCal, Medicare and most insurance plans, QHC offers a sliding fee scale for those who are without health insurance and do not qualify for available programs. Not only will the health center bring much needed services to a long underserved community, but it will increase job opportunities for residents in the area."

The new energy efficient facility will provide primary, preventive, and specialty care services. It will have 38 medical exam rooms, nine dental chairs to serve adults and children, two meeting rooms, and a 1,000-square-foot community conference room. The project is also benefitting from a Health Resources and Services Administration (HRSA) grant from the Department of Health and Human Services.

"TELACU and New Markets Community Capital are thrilled to be a part of this tremendous project," said TELACU senior vice president Jose Villalobos. "This state-of-the-art family health center will greatly enhance access to affordable, high quality health care in a medically underserved low income community in East Los Angeles. This project will stand as a shining example of the value of the New Markets Tax Credit in improving the quality of life in the places that need it most."

More Information:

www.QueensCareHealthCenters.org

www.usbank.com/cdc

www.usbank.com

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