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U.S. Bank Commits $5.3 Million In Financing To QueensCare
Teri Charest, U.S. Bank Corporate Public Relations, (612) 303-0732, email@example.com
U.S. BANK COMMITS $5.3 MILLION IN FINANCING TO QUEENSCARE HEALTH CENTERS FOR NEW FACILITY IN EAST LOS ANGELES
LOS ANGELES (Feb. 3 2014) – U.S. Bank will provide approximately $5.3 million in New
Markets Tax Credit (NMTC) equity financing to QueensCare Health Centers (QHC) to help the
nonprofit build a new community health center in East Los Angeles. The new facility will help
address the growing need for flexible and affordable healthcare for uninsured and low-income
individuals in the area.
The new center will be located at 4816 East Third Street near the Metro Gold Line and will
combine two existing sites currently operating at capacity. Construction is already underway and
is expected to be complete by late 2014. QHC anticipates more than 51,000 annual patient visits
at the new health center when it reaches full capacity – more than doubling the number of patients
currently seen at both East Los Angeles sites.
“QHC has a long history of bringing care to communities where it is needed most,” said Sean
Foley, president of U.S. Bank in Southern California. “We’re proud to support its ability to
provide equitable access to primary healthcare, which is often the point of entry for most patients
into the health care system.”
U.S. Bank’s investment was made possible using NMTCs allocated by New Markets Community
Capital, an affiliate of TELACU, which provides financing to empower communities through
community development, economic empowerment and educational advancement and is one of the
largest Hispanic businesses in the United States.
“The availability of up-front NMTC capital means we can dedicate more of our resources to
bringing quality healthcare to those in need, regardless of their ability to pay,” said Barbara B.
Hines, CEO of QueensCare Health Centers. “In addition to accepting MediCal, Medicare and
most insurance plans, QHC offers a sliding fee scale for those who are without health insurance
and do not qualify for available programs. Not only will the health center bring much needed
services to a long underserved community, but it will increase job opportunities for residents in
The new, state-of-the-art, energy efficient facility will provide primary, preventive, and specialty
care services. It will have 38 medical exam rooms, nine dental chairs to serve adults and children,
two meeting rooms, and a 1,000-square-foot community conference room. The project is also
benefitting from a Health Resources and Services Administration (HRSA) grant from the
Department of Health and Human Services.
“TELACU and New Markets Community Capital, LLC are thrilled to be a part of this
tremendous project,” said TELACU senior vice president Jose Villalobos. “This state-of-the-art
family health center will greatly enhance access to affordable, high quality health care in a
medically underserved low income community in East Los Angeles. This project will stand as a
shining example of the value of the New Markets Tax Credit in improving the quality of life in
the places that need it most.”
About QueensCare Health Centers
QueensCare Health Centers, formerly known as QueensCare Family Clinics, currently operates a
six-site network of community health centers, providing primary health and preventive services to
a growing number of the medically underserved in Los Angeles County. More than a third of its
service area is designated as Medically Underserved and more than 65 percent of the area is
designated as a Health Professional Shortage Area. Visit www.QueensCareHealthCenters.org for
more information about QueensCare Health Centers and its mission to providing quality
accessible healthcare to those in need, regardless of ability to pay.
About U.S. Bancorp Community Development Corporation
With more than $13.1 billion in managed assets as of Dec. 31, 2013, U.S. Bancorp Community
Development Corporation, a subsidiary of U.S. Bank, provides innovative financing solutions for
community development projects across the country using state and federally sponsored tax credit
programs. USBCDC’s commitments provide capital investment to areas that need it the most and
have contributed to the creation of new jobs, the rehabilitation of historic buildings, the
construction of needed affordable and market-rate homes, the development of renewable energy
facilities, and the generation of commercial economic activity in underserved communities. Visit
USBCDC on the web at www.usbank.com/cdc.
About U.S. Bank
U.S. Bancorp (NYSE: USB), with $364 billion in assets as of Dec. 31, 2013, is the parent
company of U.S. Bank, the 5th largest commercial bank in the United States. The company
operates 3,081 banking offices in 25 states and 4,906 ATMs and provides a comprehensive line
of banking, brokerage, insurance, investment, mortgage, trust and payment services products to
consumers, businesses and institutions. Visit U.S. Bancorp on the web at www.usbank.com.
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