The U.S. Department of Treasury's Community Development Financial Institutions Fund has awarded $750,000 to the Primary Care Development Corporation to expand primary care capacity in New York state.
The funding is expected to help health centers that are looking to expand services and facilities, yet face challenges in obtaining commercial financing – a problem that has worsened in the current credit crisis.
"Under the new federal health reform law, more than one million New Yorkers are projected to gain health insurance and they will expect good, affordable healthcare. But if we don't have enough primary care in our communities, we could all face higher costs and less access," said Ronda Kotelchuck, the PCDC's executive director. "The healthcare reform law sets a bold course for expanding primary care, including doubling the number of patients served by health centers."
“Without the capital to build, renovate and modernize primary care facilities, we will struggle to meet these challenges,” she added.
The PCDC anticipates that the funding will leverage additional capital to generate more than 200 construction jobs and 300 permanent jobs, renovate or expand more than 80,000 square feet of space and provide more than 200,000 additional medical visits to 55,000 low-income patients.
The CDFI Fund has awarded $104 million to 180 organizations assisting economically distressed communities across the nation (click here for a full list of awards).
"I am very pleased that the U.S. Treasury has recognized the crucial need for funding to expand primary healthcare services in New York City," said Congressman Jerrold Nadler (D-N.Y.). "The funding award for PCDC, which is located in my district, will go a great distance toward increasing the capacity and quality of primary care in underserved communities, helping keep New Yorkers healthy and ensuring that everyone gets the care they need."
Since 1993, the PCDC has leveraged $260 million in 91 primary care facility projects throughout New York state. These projects have generated more than 2,300 permanent jobs, built or renovated 655,000 square feet of space and created the capacity to provide 1.75 million medical visits annually to 595,000 mostly low-income patients.