FOR IMMEDIATE RELEASE: February 29, 2024
CONTACT: Lisa Patlis, (802) 861-3814
[Belfast, ME] – Evernorth Rural Ventures, a subsidiary of Evernorth, is pleased to announce the closing of an $8.9 million New Markets Tax Credit (NMTC) investment for the expansion of Penobscot Community Health Care’s (PCHC) Seaport Community Health Center (SCHC) in Belfast, Maine. The NMTC financing is Evernorth Rural Ventures first investment in Maine and will allow SCHC to respond to a growing medically underserved population.
The NMTC investment will finance Penobscot Community Health Care’s renovation and fit up of ‘Building 5’ within the large and former MBNA Bank of America complex in Belfast to become the expanded Seaport Community Health Center. The financing enables the clinic to expand their footprint and attract new providers to serve patients in the Belfast community. The $9.6 million project is located at 21 Schoodic Drive in Belfast.
The complex financing package for the expansion includes Capital One as the NMTC equity investor to Evernorth Rural Ventures, Primary Care Development Corporation and the Federal Health Resources and Services Administration (HRSA).
“This is a perfect example of how New Markets Tax Credits can help communities in need. We are proud to be supporting the critically necessary Penobscot Community Health Care grow its busy local clinic and meet the medically underserved low income community and resident needs,” said Beth Boutin, Vice President of Evernorth Rural Ventures.
Evernorth Rural Ventures’ NMTC financing closes a nearly $3 million gap in project funding, which stalled the expansion project for two years. The expanded facility will allow the Seaport Community Health Center to add 11 new full-time positions to its current staff of 41. The Center’s service capacity will grow by approximately 17% to over 32,200 medical and behavioral health visits and 8,445 people annually – 56% of which are persons of low income.
“We are so excited that construction is well underway at the SCHC project site,” said Lori Dwyer, PCHC CEO and President. “The increased space will allow us to significantly increase our integrated primary care services, inclusive of family medicine, mental health, recovery and pharmacy services, expanding the impact we are able to have in our community. We are fortunate to have so many dedicated partners and greatly appreciate the Evernorth Rural Ventures investment that allows us to expand access to integrated primary health care in rural Waldo County.”
Penobscot Community Health Care is the largest federally qualified health center (FQHC) in Maine, employing over 850 full-time employees in Maine, and the 2nd largest in New England. PCHC started in 1997 as a small, single clinic community health center and has grown to include 21 clinical sites covering three counties. PCHC’s mission is to provide comprehensive, integrated primary health care services for all to improve the health and wellbeing of its patients and the Maine communities they serve.
The new facility is expected to open in April 2024. Dunbar & Brawn Construction is the general contractor.
The U.S. Treasury’s New Markets Tax Credit program (NMTC), which began in 2000, is designed to spur economic development activity in economically disadvantaged communities throughout the country. These low-income communities often have good, viable business and economic development opportunities, but have limited access to capital. The NMTC addresses this capital gap by providing the incentive of a federal tax credit to individuals or corporations that invest in a Community Development Entity (CDE) like Evernorth Rural Ventures.
This project was supported by the Health Resources and Services Administration (HRSA) of the U.S. Department of Health and Human Services (HHS) as part of an award totaling $1,216,122 with 68% percentage financed with non-governmental sources. The contents are those of the author(s) and do not necessarily represent the official views of, nor an endorsement, by HRSA, HHS, or the U.S. Government.
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Evernorth Rural Ventures, a subsidiary of Evernorth, is a qualified rural Community Development Entity (CDE) that uses its New Markets Tax Credit (NMTC) resources to support investment in the economic, environmental, and social well-being of northern New England communities and its regional economies. NMTC funds are used to retain and create quality jobs and essential goods and services by financing key community developments in downtown and village centers and in other concerted community efforts that demonstrate positive impacts to low income persons and communities.Learn more about Evernorth Rural Ventures at www.evernorthus.org/financing-and-investing/evernorth-rural-ventures.
Penobscot Community Health Care (PCHC) is a non-profit, Federally Qualified Health Center (FQHC) founded in 1997 to ensure access to comprehensive, integrated primary health care services for all to improve the health and wellbeing of patients and the Maine communities served. Sixteen practices and program service sites in the Bangor area, and in Belfast and Jackman, offer a wide range of services including family medicine, dental, pediatrics, geriatrics, mental health and substance use disorder treatment, specialty services, pharmacy and healthcare for the homeless. Online at www.pchc.com.
