Citi backs Sharp HealthCare

New facility will benefit low income residents of downtown San Diego

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Citi Community Capital, the community development lending and investing arm of Citi, along with Lowe Economic Development Company and The East Los Angeles Community Union are working with Sharp HealthCare to build a new healthcare facility that will significantly benefit low income residents of downtown San Diego.

Citi Community Capital and its partners will provide $39.7 million of New Market Tax Credits, which provide incentives for equity investments in certified Community Development Entities that invest in low-income communities. The San Diego facility will serve 10,000 more patients a year in the community than the facility it is replacing.

"Citi is proud to partner with Sharp in the financing of the Sharp Rees-Stealy Medical Center, keeping important jobs in the downtown area of the City of San Diego," said Andrew Ditton, co-head of Citi Community Capital. "Expanding the vital health care services it provides to the community at large and those low income residents of the community that are not able to afford the cost of health care is important to Citi."

Construction of the new facility will have a positive impact on downtown San Diego by contributing to the revitalization of an area that is targeted for development. Downtown San Diego has a median family income of $32,729, or 43.3% of the San Diego Metropolitan statistical area median family income average, according to 2010 statistics.

The project was conceived with the participation and support of appropriate government bodies and agencies that have jurisdiction over the project area. This process included a presentation to the Uptown Planners Uptown Community Planning Group, a citizen's advisory board for construction and development projects located in the community, which gave the project's planners an opportunity to gain a close understanding of the project's community attributes.