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Thursday, November 21, 2024

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Federal inquiry traces payments from Gaetz to women; a new Florida-Puerto Rico partnership poised to transform higher-ed landscape; MT joins Tribes to target Canadian mining pollution; Heart health plummets in rural SD and nationwide; CO working families would pay more under Trump tax proposals.

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Transgender rights in Congress, a historic win for Utah's youngest elected official, scrutiny of Democratic Party leadership, and the economic impact of Trump's tax proposals highlight America's shifting political and social landscape.

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The CDC has a new plan to improve the health of rural Americans, updated data could better prepare folks for flash floods like those that devastated Appalachia, and Native American Tribes could play a key role in the nation's energy future.

Federal tax credits help clinics expand in low-income IL communities

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Tuesday, November 12, 2024   

A federal program is awarding billions of dollars in tax credits to spur investment and economic growth in low-income urban and rural communities.

The New Market Tax Credits program has allocated funds to 104 Community Development Entities for projects and job development in Illinois and elsewhere. One such entity, Self-Help Ventures Fund, is investing $50 million in low-income urban, rural and tribal communities.

Sarah Brennan, structured finance sector leader for the fund, said they are focusing their investments on vital entities such as health clinics, charter schools and food banks.

"The program works by the government allocating authority to CDEs like ours to then give that tax credit to projects," Brennan explained. "What that allows projects to do is attract an investor."

Self-Help has contributed $7 million to fund an expansion of Esperanza Health Centers in Chicago, more than doubling the public health clinic's capacity. Esperanza ranks among the top 3% of clinics nationwide for patient care outcomes. More than 90% of its patients are low-income people of color.

Esperanza recently opened a 40,000 square-foot expansion that will serve more than 23,000 additional patients.

Ryan Gadia, CFO of Esperanza, said Self-Help guided the clinic to connect with new investors for the project.

"Once we were putting together the financing on this building, we worked with a local community development entity, Chicago Development Fund," Gadia pointed out. "It is through them that we got the introduction to Self-Help."

Gadia added before the clinic expanded, patients were experiencing long waits just to see a doctor.

Brennan stressed their goal is more than just building a new building.

"Another remarkable byproduct of these deals is the new jobs that are created, all the different medical jobs, construction jobs, and then jobs like the food service areas," Brennan outlined. "It's a real economic-engine tool."

Disclosure: Self-Help Credit Union contributes to our fund for reporting on Consumer Issues, Environment, Health Issues, and Social Justice. If you would like to help support news in the public interest, click here.


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Since its founding, the CCA program has generated more than $2 billion for transportation and infrastructure upgrades, clean air and water initiatives, utility bill rebates, community solar, indoor air quality improvements and more. (Adobe Stock)

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