1030 Lesseps Street and 3201 S. Carrollton Avenue; New Orleans, LA
With so many of the working poor lacking health insurance, supporting the provision of means-tested primary care translates into both socioeconomic advancement and the proactive management of chronic conditions before they produce real disability. Though the passage of healthcare reform should dramatically reduce the number of uninsured Americans, at last resulting in insurance coverage for the working poor, adequate access to primary care constitutes the next challenge confronting residents of low-income communities.
Crescent Growth Capital helped address the issue of access by structuring and closing in September and December 2009 two New Markets Tax Credit qualified equity investments totaling $13.5 million on behalf of Daughters of Charity Health Services of New Orleans. Operated according to the best practices “medical home” healthcare delivery model – where teams of nurses, physician assistants and doctors collaborate to deliver for patients coordinated, comprehensive treatment regimes – the two new health clinics financed in the transaction annually accommodate tens of thousands of additional primary care visits. The majority of the clinics’ clientele come from minority populations, and approximately 80% of patients are without health insurance. Fees are charged on a sliding scale, according to payment ability. Thanks to the new clinics, countless minor illnesses are being addressed prior to metastasizing, and many additional chronic conditions are being successfully managed. A significant and measurable improvement in community health is underway.
Crescent Growth Capital also secured valuable additional project funding by preparing and submitting Historic Preservation Certification Applications (Parts 1, 2 & 3), taking advantage of Daughters of Charity’s rehabilitation of the historic former St. Cecilia Elementary School. CGC solicited tax credit investor proposals and advised DCSNO through financial closing to generate an additional $1 million in gross tax credit equity, derived from the successful classification of over $4 million as Qualified Rehabilitation Expenses. Financial closing for this state historic tax credit transaction occurred in December of 2011.
