Mary’s Center Health Clinics in Nation’s Capital Receive Financial Injection from U.S. Bank and City First Bank of DC
October 25 2011 - 4:52PM
Business Wire
Mary’s Center, a healthcare provider to the uninsured and
underinsured in Washington, D.C., today announced that U.S. Bank,
lead bank of U.S. Bancorp (NYSE: USB), is sponsoring the
organization’s annual Noche Tropical sold-out gala event on Tuesday
evening, October 25, which celebrates Mary’s Center 23 year legacy
and raises funds to expand its programming and reach within the
community.
Recently, U.S. Bank provided $5.5 million in financing to
support the organization’s acquisition and expansion of existing
facilities on 2333 Ontario Road, N.W., and for construction of a
new clinic at 3912 Georgia Avenue, N.W.
“With the $20 million expansion and renovation project, Mary
Center expects to go from 19,000 to 24,000 participants served by
the end of 2011,” stated David Tatro, chief operations officer at
Mary’s Center. “Also, the number of our employees increased to
nearly 270, who speak more than 35 different languages.”
The public-private expansion project was made possible through
the use of the federal New Markets Tax Credit (NMTC) Program, which
encourages the investment of private capital into designated low
income communities to spur community and economic revitalization.
U.S. Bancorp Community Development Corporation (USBCDC), (USBCDC, a
subsidiary of U.S. Bank, served as NMTC equity investor, purchasing
tax credits from an affiliate of City First Bank of DC called City
First New Markets Fund II LLC, which committed $20 million in NMTC
allocation authority to the project. USBCDC and City First Bank
first teamed up in 2005 to finance the renovation of the Atlas
Performing Arts Center on H Street NE and have since collaborated
to support the construction of Habitat for Humanity homes in D.C.
and in other cities including Charlottesville, Baltimore and
Philadelphia, the mixed use development of Park Triangle in
Columbia Heights, and the expansion of Bread for the City’s clinic
and facility in Shaw.
NMTC financing allowed Mary’s Center to upgrade its 2333 Ontario
Road complex, which has served the area’s low income residents for
the past 17 years. The three buildings in the complex include its
headquarters and community health center facilities located in two
adjacent buildings at 1707-1711 Kalorama Road, N.W. In addition,
Mary’s Center also acquired a 26,000 square foot facility at 3912
Georgia Avenue, N.W. that is now being used as a second clinic, and
as a charter school operated by Education Strengthens Families
Public Charter School. The new facilities created approximately 50
permanent jobs in healthcare and over 500 temporary construction
related jobs in an area that is considered highly distressed
according to Tatro.
“The expansion of Mary’s Center furthers the goal of the NMTC
Program to provide financing for projects that can make a
difference in underserved areas while creating much needed jobs and
serving as a catalyst for future development,” said Jennifer
Westerbeck, assistant vice president of U.S. Bancorp Community
Development Corporation. “We are very much behind Mary’s Center and
are proud to sponsor tonight’s gala event in support of the
organization’s continued success.”
Maria Gomez, president and CEO of Mary’s Center said, “It’s
wonderful to see the efforts of so many come together to provide
quality, affordable, health care for the most vulnerable in our
community. By working together, we help members of all communities
be their own advocates and produce generations of leaders ready to
contribute to their community’s growth and well-being.”
Gomez noted that almost 90% of Mary’s Center patients are under
100% of the federal poverty level and approximately 30% have no
medical insurance coverage. Compared to other Federally Qualified
Health Centers, Mary’s Center takes care of a higher percentage of
uninsured patients and a higher percentage of patients overall who
live in poverty, but performs better than other FQHC’s on standard
measurements of quality and is among the most cost-efficient of
FQHC’s in the country.
About Mary’s CenterMary’s
Center is a Federally Qualified Healthcare Center founded in 1988,
that provides comprehensive and integrated services to more than
24,000 individuals and families whose needs too often go unmet by
the public and private systems. The mission of Mary’s Center is to
build better futures through delivery of health care, education and
social services. Mary’s Center saves lives and creates stronger
communities, one family at a time. www.maryscenter.org.
About City FirstCity First
Bank of DC is a nationally chartered commercial bank with a mission
to provide financial and other services in low to moderate income
communities. With assets of $157 million, loans of $110 million,
and deposits of $120 million, the bank targets neighborhoods east
of 16th Street including far SE and NE Washington and other
economically challenged suburban communities. Last year, in excess
of $25 million in loans were originated, 100% of which was for
development in low and moderate income neighborhoods. City First
has been certified as a Community Development Financial Institution
by the CDFI Fund of the US Department of Treasury and has won four
rounds of authority under the New Markets Tax Credit Program
totaling $300 million. City First operates its sole branch at
1432 U Street, NW, Washington, DC.
About U.S. Bancorp Community
Development Corporation and U.S. BankU.S. Bancorp
Community Development Corporation finances community development
and affordable housing projects through the use of New Markets Tax
Credits, Historic Tax Credits, Affordable Housing Tax Credits, and
Investment Tax Credits in Renewable Energy. USBCDC is the largest
New Markets Tax Credit investor in the country, investing billions
of dollars nationwide in hundreds of transactions. These equity
investments have provided much needed revitalization and new
resources to communities throughout the country. USBCDC is a
subsidiary of U.S. Bank, the 5th largest commercial bank in the
United States, whose parent company is U.S. Bancorp (NYSE: USB).
Visit U.S. Bancorp on the web at www.usbank.com.
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