Senator Hannon and Assemblywoman Gibson Hail Signing of Law to Give Primary Care Providers Greater Access to Affordable Capital Gives Primary Care Development Corporation Access to DASNY Financing for Primary Care Expansion
September 30, 2011
Governor Cuomo has signed legislation that will make it easier for community-based health care providers to access capital necessary to build, expand, and modernize their facilities. A8188 (Gibson) / 5645 (Hannon) will enable the Primary Care Development Corporation (PCDC) to apply for bonds through the Dormitory Authority of the State of New York (DASNY) to finance expansion of primary care facilities, and access DASNY’s Tax Exempt Leasing Program. Because of their size, primary community-based healthcare facilities do not typically have access to DASNY programs, yet they have significant need for affordable financing.
“In the Bronx and throughout New York, access to primary care is crucial to keeping our families healthy,” said Assemblywoman Vanessa L. Gibson (D-Bronx). “Making quality affordable health care more accessible to Bronx families is a critical goal of mine and I am delighted that Governor Cuomo signed this legislation making it easier to build and expand primary care facilities in our communities.”
“To have a strong primary care system that will improve health and reduce healthcare costs, providers must have access to low-cost capital,” said Senate Health Committee Chairman Kemp Hannon (R-Garden City). “I am glad that through this law, small, community based providers are now one step closer to accessing the kind of financing that has typically been reserved for large institutions.”
The law supports a key element of Governor Cuomo’s Medicaid Redesign initiative, namely, the restructuring of the healthcare delivery system and the expansion of high-quality, patient-centered primary care as a means to reduce healthcare costs and improve quality for New Yorkers, particularly patients with the most complex healthcare conditions. “New York is moving toward a more rational, patient-centered healthcare system with primary care at its center,” said Ronda Kotelchuck, CEO of the Primary Care Development Corporation. “But those efforts could be hindered if providers do not have access to affordable capital to build and modernize primary care facilities. I want to thank Governor Cuomo, Senator Hannon, Assemblywoman Gibson, and the legislation’s other sponsors for giving PCDC an important financing tool to help providers expand primary care in underserved communities throughout New York State.”
“We are delighted that under this law, community health centers can access DASNY financing for capital expansion and to lease essential equipment,” said Elizabeth Swain, CEO of the Community Health Care Association of New York State. “Community health centers, which serve 1.4 million New Yorkers, are set to double their capacity in the next four years. This kind of capital program could play an important role in that effort.”
A nonprofit dedicated to preserving and strengthening primary care in New York State, since 1993 PCDC has financed over 90 primary care capital projects valued at more than $260 million for low-income residents throughout New York State. Projects have generated more than 2,200 permanent jobs, built or renovated 630,000 square feet of space; and created the capacity to provide 1.7 million medical visits to serve nearly 600,000 patients annually. PCDC is currently managing a portfolio of 42 projects throughout New York State with a balance of $75 million. PCDC maintains a unique relationship with its borrowers, working with them to ensure strong financial operations that benefit their patients and build sustainable enterprises. When necessary, PCDC will also convene stakeholders to assist in bringing troubled projects back to financial stability. PCDC has never had a borrower default on a loan. For every dollar in public funds, PCDC leverages about seven dollars in outside financing.
Posted by News LI Editor · Filed Under Politics
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