With $2.85 million in financing from the Primary Care Development Corporation, Hudson River HealthCare has acquired property in Monticello, N.Y. to expand primary care and dental services to low-income patients.
A federal grant for $200,000, secured by Rep. Maurice Hinchey (D-N.Y.), will help purchase needed equipment for a new center.
“Monticello and the surrounding communities are struggling economically and in desperate need of quality healthcare,” said Hinchey. “I am delighted that through the partnership between Hudson River HealthCare, PCDC and the federal government, we will help to establish a major health center that will improve the health of families and bring vital economic activity to downtown Monticello.”
HRHC began leasing the 10,000 square foot property in downtown Monticello in 2007. It has drawn more than 10,000 patient visits per year and employs 32 full-time health workers.
The financing enables the organization to purchase and renovate the property, which provides expanded primary care services like preventive care for families, chronic care management for diabetes and hypertension, HIV services, prenatal services and podiatry. It will also add capacity at a neighboring 3,100-sqare-foot facility, which will provide essential dental services.
“This community has long needed additional access to quality healthcare,” said Anne Kauffman Nolon, president and CEO of Hudson River HealthCare. “But with the federal commitment from Congressman Hinchey and low-cost financing from PCDC, we are able to establish a major health center in downtown Monticello and provide necessary primary and dental care to thousands of patients in the community.”
PCDC provided the loan through its $40 million New Markets Loan Program, which offers below-market, long-term, fixed-rate loans to expand primary care in low-income communities. The 25-year loan carries a fixed interest rate of 4.77 percent and is structured so that up to 26 percent of the principal amount may be forgiven.
“A key challenge of expanding primary care is access to affordable capital financing, even for well-run, high-quality health center networks like Hudson River HealthCare,” said Ronda Kotelchuck, executive director of PCDC. “That’s why we are thrilled that our first New Markets Loan will have such a direct impact on patients by helping Hudson River HealthCare expand much needed primary care services in downtown Monticello.”
Hudson River HealthCare includes 13 health center sites and mobile healthcare services delivering comprehensive primary, preventive and behavioral healthcare throughout a nine-county region to more than 42,000 people.