CSH Invests in New Health Facility Designed to Help Most Vulnerable
San Fran project first allocation of CSH New Markets Tax Credits from its $40 million award received in 2015
Community health care provider HealthRIGHT 360 has announced the closing of $51 million in New Markets Tax Credit (NMTC) financing to support the development of its planned 50,000-square-foot modern health care facility, which will serve low-income and homeless people at 1563 Mission Street in San Francisco. NMTC is subsidized capital allocated for development projects in economically distressed areas of the country and CSH contributed $9.0 million of its 2015 NMTC allocation to the financing unveiled today.
CSH – and four other entities receiving NMTC allocations from the U.S. Department of Treasury – selected 1563 Mission Street for financing based on the project’s potential to provide healthcare services to thousands of vulnerable people, including those facing homelessness, in the South of Market and Tenderloin neighborhoods in San Francisco. In addition to CSH, the other NMTC allocations to HealthRIGHT 360’s 1563 Mission Street project are from: Primary Care Development Corporation, Enterprise Community Investment, Bank of America and Northern California Community Loan Fund.
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