East Palo Alto, CA
NMTC Investor – JP Morgan Chase
CDEs – Opportunity Fund, PCDC and LIIF
ECB secured $38.9 million in NMTC financing for construction of the new 40,000 square foot clinic facility for the Ravenswood Family Health Center, a Federally Qualified Health Center that serves the low income community of East Palo Alto. The project funding combined a $5 million HRSA grant, proceeds from a capital campaign, and bridge loans from the Packard Foundation, LIIF and PCDC. The NMTC closing occurred in November 2014 during construction, with construction and occupancy scheduled to occur on time in April 2015.