Enterprise and Citi back Boston health center

Partnership will facilitate new facility for the Whittier Street Health Center in Boston

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Enterprise Community Investment, an affordable housing provider and one of the largest allocatees of New Markets Tax Credits (NMTC), has joined forces with Citi Community Capital, the community development lending and investing arm of Citi, to close a deal to build a new facility for the Whittier Street Health Center in Boston. NMTCs provide tax credit incentives for equity investments in certified Community Development Entities that invest in low-income communities.

Whittier is a Federally-qualified health center that provides comprehensive family health care, dental care and mental health services to low or very-low income people. "The medical needs of our target residents show rates of mortality, infant mortality, asthma and low birthrate that average 30% higher than other residents within greater Boston," said Frederica Williams, President and CEO of Whittier.

The new building will double the size of the existing Whittier clinic and will allow it to handle more than 100,000 visits by 2015 compared to 62,000 visits in the last fiscal year.

Enterprise allocated $15 million in NMTCs for Whittier while Citi provided an allocation of $10 million in NMTCs and was the equity investor for the entire $25 million in NMTCs. Additionally, Boston Community Capital and Boston Private Bank provided debt financing to Whittier.

"Whittier Street Health Center is a national model in providing high quality health care services, as well as much needed jobs, to a diverse and under-served low income population," said Guillermo Franco, a director at Citi Community Capital. "With a better, larger facility Whittier will be poised to expand their reach."