Building America Allocates $8.5 Million in Tax Credits for Stout Street Health Center in Denver
$35.3 Million Project to Expand Access to Healthcare and Housing for City’s Homeless Population
February 4, 2013
Building America CDE, Inc., a subsidiary of the AFL-CIO Housing Investment Trust (HIT), is allocating $8.5 million in New Markets Tax Credits (NMTCs) for construction of the new Stout Street Health Center, a healthcare facility to replace an older clinic in downtown Denver.
The Center has provided acute and primary medical, mental health, and oral healthcare to Denver’s downtown homeless population since 1985, when it was established by the Colorado Coalition for the Homeless (CCH). CCH is now planning to expand community access to these critical medical services with construction of a 50,000-square-foot replacement facility to be built across the street from the present clinic. It is estimated that the new center will be able to provide integrated healthcare to approximately 75% more people than the existing clinic, which currently serves over 8,700 people a year.
“For over 25 years the Stout Street Health Center has provided much-needed healthcare services to Denver’s homeless population,” said Eric W. Price, CEO of Building America. “We are very proud to be involved in this project that will allow the Center to expand its mission, while also bringing jobs and development to the community.”
Building America and U.S. Bancorp CDC allocated a total of $17 million of New Markets Tax Credits for the healthcare facility. The tax credits are designed to attract private capital for redevelopment projects in low-income distressed communities.
The new Stout Street Health Center will be part of a $35.3 million mixed-use development that includes 78 units of affordable supportive housing developed by the CCH’s subsidiary, Renaissance Property Management Corporation. The entire development will be union-built, creating approximately 210 union construction jobs. Another 190 local jobs will be generated by the construction. When completed, the project is expected to create 70 permanent healthcare jobs while retaining more than 100 existing healthcare and related positions.