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February 9, 2017

Revolving Capital Fund Announced to Help Community Health Providers Expand Primary Care Capacity in New York State

On February 2, 2017, Governor Cuomo issued a press release announcing establishment of a $19.5 million Community Health Care Revolving Capital Fund in New York State. The Revolving Capital Fund is a financing program intended to facilitate expansion of and access to primary care for eligible community-based health care providers through issuance of low cost loans. The Revolving Capital Fund will be administered by the Primary Care Development Corporation (“PCDC”), a community development financial institution (“CDFI”) selected by the Dormitory Authority of the State of New York (“DASNY”), in consultation with the New York State Department of Health (“NYSDOH”).

PCDS’s webpage states that it will “select eligible projects and provide financing to strengthen primary care through the construction and expansion of community-based health care facilities in New York State,” and lists the following as included within the purview of the financing program: new construction, reconstruction, renovation, rehabilitation, refurbishment, expansion, and equipment. These loans are designed to provide funding to clinics and health care organizations with limited resources who are seeking to expand primary care services.

PCDC is currently accepting capital lending inquiry forms from eligible health providers. Eligible community-based providers include New York State community health and diagnostic and treatment centers licensed under Article 28, mental health clinics licensed under Article 31, and alcohol and substance abuse treatment clinics licensed under Article 32.

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