Industry Publication Examines Role of New Markets Tax Credits in Expansion of NY Cancer Center
Building America’s Eric Price Joins Discussion on Closing the Funding Gap
January 9, 2014
An article in the January issue of Novogradac Journal of Tax Credits examines how New Markets Tax Credits invested in the construction of a new Clinical Sciences Center at the Roswell Park Cancer Institute in Buffalo, NY, are helping to revitalize the local economy and expand the community’s access to healthcare. Building America, a subsidiary of the HIT, is one of four community development entities providing a total of $30.5 million of NMTCs for the project.
HIT Executive Vice President and Building America CEO Eric Price told the Journal that these tax credits are “a critical component for health care centers because a lot of funding has to come from fundraising or subsidies from the state and city. The new markets credit fills the gap.”
Building America contributed $9.2 million in tax credits for the $46 million project, which is currently under construction. The new facility will enable the cancer institute to meet the growing demand for both in-patient and out-patient services, especially for medically underserved residents in the surrounding low-income community.
To view the Novogradac article, titled “NMTCs Close Funding Gap on Cancer Center Expansion,” click here.
Novogradac & Company LLP, is a national certified public accounting and consulting firm that works extensively with lenders, investors, developers, sponsors and other professionals in the affordable housing and community development fields.