VCC Funds Floyd Community Healthcare Center
CHRISTIANSBURG, Va. – May 12, 2010 – VCC is pleased to announce the New Markets Tax Credit funding of the new Floyd Community Health Center, located in Floyd, VA. This attractive new facility will provide a full array of medical services to the citizens of this rural area, including pediatrics and adults. The new operation will also create seven new full time jobs for the area.
(from left) Dawn DeHart (VCC), James D. Kieley (Treasurer, Tri Area Community Health Center), Debra Shelor (Executive Director, Tri Area Community Health Center), and Bill Skeen (VCC)
The new center is owned and operated by Tri-Area Community Health, a 25 year-old non-profit community health care provider. Tri-Area seeks to provide affordable community-based healthcare that is delivered locally, reducing the incidence of preventable illness and improving patient self-management of treatable health conditions. Tri-Area also operates Community Healthcare Centers in Ferrum (Franklin County) and Laurel Fork (Carroll County).
VCC and Community Capital Bank of Virginia provided the permanent financing for this center utilizing the New Markets Tax Credit program, which brought subsidized debt and equity into the project financing. VCC’s partner in the transaction was US Bancorp. In 2008, VCC received a $15 million allocation of New Markets Tax Credits directed to help bring additional health care services to Medically Underserved Areas. The new Floyd Center is the first health care center to benefit from part of this allocation. Additional allocation is still available for other health care centers in Virginia.
About Virginia Community Capital:
With offices in Christiansburg and Richmond, Virginia Community Capital (VCC) is dedicated to the prospect of building wealth for all through our lending, savings, and advisory services. As a community development financial institution (CDFI), our mission is to offer innovative, flexible financial products designed to support housing and community development ventures, increase jobs, and encourage sustainable communities. In partnership with our for-profit bank, Community Capital Bank of Virginia (CCB), the non-profit VCC offers loan capital broader and more flexible than bank lending in low- to moderate-income communities in underserved geographies and markets. Learn more at vacommunitycapital.org.