SOURCE: United Fund Advisors

United Fund Advisors

May 02, 2011 09:00 ET

United Fund Advisors and Citi Community Capital Close New Markets Tax Credit Financing on Mattapan Community Health Center

BOSTON, MA--(Marketwire - May 2, 2011) - Mattapan Community Health Center (MCHC) announced the closing of financing for the construction of its new four-story, 58,781 square foot community medical facility. The long-awaited health center will replace MCHC's aging facility, more than doubling the space of the center by adding new exam rooms, dental stations, and space for mammography and behavioral health services. The not-for-profit care provider serves over 7,000 patients annually, most of them from Mattapan and the surrounding low-income communities.

The development will include 16,217 square feet of retail space to accommodate a new pharmacy and bank branch. In addition, the project will create at least 200 construction jobs and approximately 133 permanent new jobs. It will also seek LEED Gold certification for green building practices and revitalize a blighted, vacant site.

National Community Fund I, LLC (NCF), an affiliate of United Fund Advisors (UFA), and Citi Community Capital (Citi), the community development arm of Citi (NYSE: C), have partnered again to provide tax credit financing for an exceptional project. Citi and UFA structured the $33.8 million transaction. NCF provided $10.1 million of New Markets Tax Credit (NMTC) allocation, while Citi contributed $10 million of NMTCs and provided the tax credit equity and bridge financing. Additional funding included an $8.2 million grant from the Boston Medical Center, a $5.2 million loan from Citizens Bank, a $2.1 million capital campaign bridge loan from Boston Community Loan Fund, a $400,000 loan from the Environmental Protection Agency, and an $11.5 million ARRA Facility Investment Program grant from the Health Resources and Services Administration.

"UFA is proud to collaborate with Citi again to finance the critically important Mattapan Community Health Center project," said Colin Rowan, Principal of UFA. "Providing additional healthcare services to communities with a critical need in a sustainably designed, built and operated facility is directly in line with UFA's triple bottom line mission. The project is a perfect example of how the New Markets program is creating lasting positive impacts in communities while generating immediate jobs and economic growth."

Guillermo Franco of Citi said, "The impact of the new center will be felt beyond the patients who use its services. In addition to the significant number of job opportunities created for low-income residents by the construction of the health center, the development will help to revitalize a community that has seen little private investment to spur economic development."

Founded in 1972, MCHC is a private, not-for-profit organization that provides high quality medical and health education services to the residents of the City of Boston, particularly for the low-income, medically-underserved populations of Mattapan, Roxbury, Dorchester, and Hyde Park. MCHC's mission is to improve the quality of life for residents of Mattapan and the surrounding communities by providing comprehensive, accessible, affordable, and culturally appropriate community healthcare services, including primary and preventive health services. MCHC provides a broad range of services that includes family medicine, pediatrics, OB/GYN, dental, elder care, podiatry, dermatology, nutrition, and lab services.

About United Fund Advisors & National Community Fund I, LLC
UFA is a fund manager and financial services company that provides tax-advantaged investment capital and advisory services for community development and renewable energy projects throughout the country. With over $425 million of assets under management, all of UFA's investments and services are driven by its triple bottom line mission "to create opportunities for profitable investments which enhance social and environmental yields." Nearly all of UFA's products and services involve syndication of tax credits and benefits, including NMTCs, Renewable Energy Investment Tax Credits, Historic Rehabilitation Tax Credits, and other federal and state tax credits and benefits. Across the country, UFA and its affiliates have financed over 80 projects and businesses with total development costs exceeding $2.1 billion. For further information, visit www.unitedfundadvisors.com.

National Community Fund I, LLC, is a certified community development entity which has received a total of $252 million of NMTC allocation since 2007. Portland Family of Funds Holdings, Inc. is NCF's controlling entity and United Fund Advisors serves as its financial advisor. The affiliated Portland, Oregon-based companies are triple bottom line missioned firms which create profitable investments that provide financial, social and environmental returns. For more information, please visit www.portlandfunds.com and www.unitedfundadvisors.com.

About Citi Community Capital
Citi is a premier financial partner with nationally recognized expertise in financing all types of affordable housing and community reinvestment projects. Citi's origination, structuring, asset and risk management staff across the country provide creative financing solutions designed to meet their clients' needs.

Citi helps community development financial institutions, real estate developers, national intermediaries and nonprofit organizations achieve their goals through a broad, integrated platform of debt and equity offerings. For more information, please contact Alexander Samuelson at 212-816-8022.

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