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VCC Brings Capital to Two New Healthcare Centers


CHRISTIANSBURG, Va. – March 6, 2009 – In December 2008, Virginia Community Capital (VCC) closed on two loans to healthcare facilities in medically underserved areas in Virginia. Both loans leverage New Markets Tax Credit (NMTC) equity, creating a financing structure that subsidized the long term costs of the facilities.

New primary care doctors offices in Duffield, VA.

The construction of a 37,500 square foot medical office building in Duffield fills a void in medical care for the area. Duffield is a federally-designated underserved medical community. Built with NMTC's from Hampton Roads Ventures, debt financing was provided by VCC and Partners for the Common Good. With the completion of the Medical Office Building, the community’s healthcare needs will be met by a new diagnostic center that is home to 9 physicians, 12 nurses, 8 technicians and 8 administrative support personnel.
Pyramid Health Center in Lynchburg, VA
Lynchburg is also benefitting from a new medical facility targeting the elderly and medically underserved citizens. Developed by the Lynchburg Neighborhood Development Foundation, the facility is part of the city’s 5th Street redevelopment initiative. With additional financing provided by LISC and the Virginia Community Development Corporation, this development will create 29 new jobs and preserve an historic structure, in addition to providing critical medical services to lower income families.
VCC now has a $15 million New Markets Tax Credit allocation to continue to address these needs throughout the Commonwealth. We stand ready to bring both equity and loan capital to qualified medically underserved markets.
Click here to learn more about New Markets Tax Credits.
About Virginia Community Capital:
With offices in Christiansburg, Richmond, and Springfield, Virginia Community Capital (VCC) is dedicated to the prospect of building wealth for all through our lending, deposits, and advisory services. As a community development financial institution (CDFI), our mission is to offer innovative, flexible financial products designed to support housing and community development ventures, increase jobs, and encourage sustainable communities. In partnership with our for-profit bank, Community Capital Bank of Virginia (CCB), the non-profit VCC offers loan capital broader and more flexible than bank lending in low-to-moderate income communities in underserved geographies and markets. Learn more at  vacommunitycapital.org.