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Capital Link Project
Highlights — Grants
Capital
Link has successfully assisted 38 health centers in
Alaska, California, Florida, Maryland, Massachusetts, Minnesota, New
Hampshire, New York, North Carolina, Puerto Rico, South Carolina and
Texas in obtaining a total $30.7 million in grant
dollars.
Grant
Funding - Examples
Migrant
Health Center of Western Region, San Sebastian, PR
Grant funding awarded $353,610
Summary
of Project:
Capital
Link provided a consultant to perform a diagnostic assessment of a
proposed health center facility for Migrant Health Center, Western
Region in Puerto Rico. The review resulted in approval for the
use of $1.35 million in federal funds to purchase and renovate the
health center's proposed new site, including grant funding of $353,610.
Entrance to Old Site |
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Entrance to New Site
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Holyoke
Health Center, Holyoke, MA
Summary
of Project:
In February 2001, Holyoke Health Center closed on its financing package
for its new facility. The financing involved a $1,915,250 loan from
a local lender and a $1,915,250 loan from a special purpose loan fund
established by the Massachusetts Life Initiative in exchange for a
tax-break. The balance of the $4.5 million project will be funded through
grants and contributions raised by the health center.
The
transaction also included an 80% Loan Guarantee from the Bureau of
Primary Health Care, which allowed the health center to meet the lenders'
collateral requirements. This deal is the third one to close under
the facilities component of the BPHC
Loan Guarantee Program (others include CamCare in NJ and Peakskill
in NY).
The
project is expected to have a major positive impact on the economic
development of downtown Holyoke, which has garnered the health center
a broad range of community support. To that end, the health center
recently received an $850,000 federal grant with the assistance of
Congressman John Olver and a $100,000 Community Development Block Grant
(CDBG) with the assistance of Holyoke's Mayor Michael Sullivan toward
the project.
Capital
Link worked closely with the health center to prepare its business
plan, assemble the financing from the lenders and obtain the guarantee
from BPHC.
Financing
Picture: $5,080,500
Renovation Project
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Schematic
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South
End Community Health Center, Boston, MA
Project
Summary:
South End Community Health Center participated in an overall $13 million
economic development initiative, of which, $8 million was the center's
portion.
The multi-use project included a new health center facility, commercial/retail
space, 39 market-rate condominiums and underground parking.
The
center obtained loans and grants from the Boston Empowerment Zone Program. Vice
President Gore attended the groundbreaking.
Through additional fundraising, the center was able to pay off its initial
loans.
South
End Community Health Center, Boston, MA
New
Site - Completed
Financing
Picture: $8,009,000
Multi-Use Project 
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These transactions were
successfully completed with the assistance of Capital Link or Capital
Link's constituent founding organizations:
Community Health Center Capital
Fund, Massachusetts League of Community Health Centers, Illinois
Primary Health Care Association, North Carolina Community Health
Center Association (formerly North Carolina Primary Health Care
Association) and Texas Association of Community Health Centers.
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