Roeder & Company and Pit River Health Service ("PRHS") enabled the expansion and renovation of PRHS' clinic located in Burney, California utilizing New Markets Tax Credits ("NMTC").  Though located on the reservation, the clinic serves both Native and non-Native populations.  The NMTC financing will allow PRHS to renovate its clinic, and to construct a new, larger outpatient healthcare facility adjacent to the existing clinic. The result will be a 22,755 SF state-of-the-art medical campus in a medically underserved community. The project will expand PRHS’s medical, dental and behavioral health services, and will add optometry, radiology, pharmacy, and lab services.

Roeder & Company was able to source allocation from both California Statewide Communities Development Corporation and USBCDE LLC for this project and coordinate additional debt obtained through the USDA's direct Community Facilities Loan program and Native American Bank.  

"The multiple sources of financing, and the coordination of various program and lending rules, added complexity to the overall financing and took a multiyear effort, but the end result is bringing badly needed health services to an underserved Native population in a rural area of Northern California.  Without the NMTC grant-like subsidy the project could not have been built," said Reynold Roeder.  

For more information about Pit River Health Service, please click here.

Roeder & Company and Calhoun Liberty Hospital are pleased to announce the $20 million dollar New Markets Tax Credit (“NMTC”) closing and beginning of construction for its new 39,000 square foot hospital in Blountstown, Florida.  When complete in 2026, the new facility will replace the old hospital building that suffered immense damage from Hurricane Michael in 2018. 

The overall financing was comprised of various grants, bridge loans, insurance proceeds, and the NMTC loans.  The net derived benefit from the NMTCs filled a true financing gap in the capital stack.  Roeder & Company sourced the NMTC allocation and bridge financing, and structured the overall transaction.  NMTC allocation was provided by Dudley Ventures, Cityscape, and Empowerment Reinvestment Fund.  Valley National Bank was the tax credit investor. 

“The new hospital had been delayed for an assortment of reasons, most of which related to funding, and was at risk of losing its awarded grants if it didn’t begin construction.  With the help of Roeder & Company and a dedicated team of other professionals we were able to close the funding gap and begin construction”, said CEO Christinia Jepsen.

“The three-county community served will not only see increased medical services, but also benefit from over 200 construction jobs and approximately 190 retained and new jobs once the new hospital is complete”, stated Reynold Roeder, Roeder & Company CEO.

For more information about Calhoun Liberty Hospital, please click here.

In one of the largest New Markets Tax Credits financings of 2023, Roeder & Company has advised San Carlos Apache Healthcare on the financing of its two-site healthcare project on the San Carlos Apache Reservation in rural Arizona. 

“As demand for services and the impact of Covid 19 increased, it was clear that we needed to expand our facilities so that we could remove non-medical space needs out of the existing hospital and into a separate building freeing up space within the hospital.  We have plans to move all information technologies and all storage out of the hospital building itself and into the newly constructed Annex building.  The space vacated within the hospital will then become available to expand primary care, pediatric services, and other patient services within the hospital building” said CEO Victoria Began.  “Additionally, the Annex itself will support our long-term strategic plan to add capacity to clinic operations and provide skilled nursing and long-term care for our elders consistent with their cultural heritage,” she continued. 

The relocation of the Clarence Wesley Health Center from its current location in Bylas was partially necessitated by the shifting soils on which it was originally built.  The new location, still in Bylas, AZ, will allow for the expansion of services offered in the Bylas District.  New or expanded services will include dental, pharmacy, imaging, and optometry. 

Reynold Roeder, Roeder & Company CEO commented, “We were able to bring an aggregate of $52 million in allocation to the project through a consortium of CDEs consisting of Clearinghouse, The Dakotas, Pacesetter, Ecotrust, Cityscape, and Wells Fargo.  Wells Fargo also served as the tax credit investor.  With this many allocation providers and a two-site project on trust land, there were numerous complexities and issues.  The group worked very well as a team and was able to close by the CDFI May 2023 threshold date.  It was truly a great team effort and provided in excess of $10 million of grant-like subsidy to the project.”

For more information about San Carlos Apache Healthcare, please click here.

Aviva Health is investing $18 million in a facility expansion to support its new Roseburg Family Medicine Residency program that will increase primary care services to the medically underserved population in rural Douglas County, Oregon.  Roeder & Company, LLC facilitated the closing of federal New Markets Tax Credit (NMTC) financing for the construction of the facility by sourcing $17 million in federal NMTC allocation from Dudley Ventures and Community Hospitality Healthcare Services with Wells Fargo as the tax credit investor.

In 2015, 6,000 patients in Douglas County were left without a primary care provider when five area family medicine physicians – due to retirement or relocation – left their practices. Aviva Health’s Family Medicine Residency Program aims to fill that gap in health care services.  The program will increase access to care for children and adults with unmet health needs and address the physician shortage that plagues the area and other regions of rural Oregon, providing additional career pathways in a growing industry. Douglas County is a designated Primary Care Health Professional Shortage Area, and this project will result in eight residents graduating annually, many of them choosing to stay and serve the surrounding rural community. To support the new residents, Aviva Health is undertaking a significant building project, expanding its current clinic space from 12 exam rooms to 34 and creating 52 new permanent jobs.

“Our community is experiencing a severe shortage of primary care providers, leaving our most vulnerable residents to rely on emergency rooms for non-emergency care,” said KC Bolton, CEO of Aviva Health. “Expanding our facility and training new physicians will increase access to medical care and reduce costs for our patients and the health care system, as well as create quality jobs that will positively impact our local economy.”

Lack of easy access to primary care increases utilization of costly urgent and emergency care for routine conditions and prevents timely follow up by primary care physicians for patients discharged from the hospital. Furthermore, published research indicates physicians trained in rural areas tend to practice more cost-effective health care and in regions close to where they completed their residency program. In Oregon, for every dollar invested in primary care via the Patient-Centered Primary Care Home model of care there is an average of $13 savings to the health care system.

The construction project included financing from Live Oak Bank and grant funding through the following sources: $1 million through the Health Resources and Services Administration; Capital Assistance for Disaster Assistance and Recovery Efforts; $5,000 through the Juan Young Trust; $10,000 through the C. Giles Hunt Foundation; and $2,500 through the Northwest Farm Credit Services. Aviva Health was also awarded $1 million in funding through the Healthy Oregon Workforce Training Opportunity grant, $300,000 of which will be used for the purchase of new equipment.

“This project was one of the first NMTC transactions to close utilizing a USDA B&I Guaranteed Loan under the new OneRD rules issued in October of this year,” said Reynold Roeder, CEO of Roeder & Company, LLC.  “The project faced many hurdles, including those related to the timing of the arrival of medical residents and Covid-19, but the team was able to overcome them all and get this very important rural community project financed and construction underway.”

​For more information on Aviva Health, please visit https://aviva.health/. 

The Coquille Indian Tribe is constructing a new 20,000 square-foot community health center, the Ko-Kwel Wellness Center (“KWC”), that will provide holistic care by integrating primary care, behavioral health, dental, and pharmacy services. The KWC will increase patient visits by fourfold, expanding services to the existing American Indian / Alaska Native (AI/AN) population as well as the surrounding community.  The Tribal and low-income community in the area currently face poverty and unemployment barriers, and thus have limited access to healthcare. To receive healthcare services as promised by the U.S. Government, AI/AN individuals often must drive three or more hours to an understaffed and over-utilized Indian Health Service facility. Frequently, they simply forego treatment. These newly provided services from the Coquille Indian Tribe’s project will improve access dramatically. 

Roeder & Company, LLC facilitated the closing of a federal New Markets Tax Credit (NMTC) financing for the construction of the facility, and sourced $12 million in federal NMTC allocation from Craft3, a regional nonprofit CDFI, with Wells Fargo as the tax credit investor.

For more information about the project, please click here.

Fort George Brewery is acquiring, remediating, and renovating the former Astoria Warehousing salmon cannery complex in rural Astoria, Oregon into a 124,000 square-foot brewing, canning, cold storage, and distribution facility that will produce ten million cans of beer annually. Roeder & Company, LLC facilitated the closing of a federal New Markets Tax Credit (NMTC) financing for the acquisition and equipping of the facility, and sourced $12 million in federal NMTC allocation from Craft3, a regional nonprofit CDFI, with US Bank as the tax credit investor.

In January 2018, Astoria Warehousing shuttered its canning operations resulting in the elimination of 25 blue-collar positions. Fort George will create at least 35 quality jobs and renew canning operations at the site, albeit for beer instead of salmon.

Astoria was known as the salmon-canning capital of the world, and this site represents the last intact cannery on the waterfront. Chris Nemlowill, owner of Fort George Brewery plans to honor that heritage and continue to create living wage jobs in the community.

The craft beverage industry and vacant industrial sites figure heavily in the city’s aim to create 200 high-wage jobs by 2021, putting this project in direct alignment with the Advance Astoria plan.

“Craft3 is excited to support this project as Fort George’s expansion will provide critical mass of employment for potential graduates of a brewer program under development at Clatsop Community College,” said Walt Postlewait, Executive Vice President of Craft3. “In a community that has experienced job reduction in its core natural resources industries, developing projects concurrent with job training programs is essential.”

The economic benefits of this project will be felt beyond the Astoria community. The majority of raw materials purchased by Fort George Brewery are sourced from low-income areas, driving economic activity, job creation, and opportunity throughout the Pacific Northwest.

The acquisition included financing from Craft3, the State of Oregon, the City of Astoria, US Bank National Association, and US Bank Community Development Corporation.

“This project involved funding from public and private sources, and also environmental remediation plans that were coordinated with the State,” said Sara Pietka, President of Roeder & Company, LLC.  “The Fort George transaction was complex, but NMTCs proved to be a flexible source of financing to help bring all the pieces of the financing puzzle together.”

For more information on Fort George Brewery, please visit here. 

Roeder & Company, LLC announces the closing of a federal New Markets Tax Credit (NMTC) financing for the Health & Science Technology Building on the Southwestern Oregon Community College (SWOCC) campus in rural Coos County, Oregon. Roeder & Company sourced $11.7 million in federal NMTC allocation from Dakotas America and Chase Bank for the financing of the new $25 million, 36,000 square-foot educational facility. 
The project will expand and modernize laboratory, classroom, and ancillary spaces for health and science programs. As the only public, post-secondary institution on the south Oregon coast, SWOCC is the area’s leading provider of job training and career preparation for a student population that is majority low-income and first-generation college attendees.

“This building will help the College train more young people for high-wage and high-demand science and health care jobs that will support their families,” said Dr. Patty Scott, SWOCC President. “Ultimately, this investment will improve our economy and quality of life in every community on the south coast from Reedsport to Brookings.” 

Nearly 33% of SWOCC’s region’s health care workers are age 55 or older, and the federal government has identified the cities of Bandon, Coos Bay, Coquille/Myrtle Point, and Powers as medically underserved areas with a shortage of health care providers. Despite the clear need for health professionals in the region, SWOCC’s ability to meet the need for replacement workers is limited by severely outdated science and health labs that are over 50 years old, are unable to integrate new technology, and are too small for the number of students seeking education and training in the field.

“The new Health & Science Technology Building will enable SWOCC to graduate 24 additional nursing students annually,” said Jeff Whitey, SWOCC Vice President of Administrative Services. “Beyond the direct impact of additional health care professionals in this area, the project is also expanding the College’s ability to inspire tomorrow's scientists, engineers and health care professionals, and improve people's lives.”

“The funding for the project in its current form has been an effort exceeding 6 years,” said Sara Pietka, Roeder & Company President. “Costs climbed throughout that period and additional sources of low-cost capital had been exhausted. The NMTC funding was a patient source of flexible capital and served as essential gap financing, enabling the project to move forward.”

For more information on SWOCC, please visit https://www.socc.edu/.

Roeder & Company, LLC announces the closing of a federal New Markets Tax Credit (NMTC) financing for the Thomasville Regional Medical Center (TRMC) in rural Clarke County, Alabama. Roeder & Company sourced $21 million in federal NMTC allocation from Empowerment Reinvestment Fund, Dudley Ventures, and Hancock Whitney for the financing of the new 68,320 square-foot, 29-bed hospital facility. Wells Fargo and Hancock Whitney provided the tax credit equity for the transaction.

The City of Thomasville lost its previous 49-bed hospital after it abruptly closed in August 2011. As a result, a current Clarke County resident may be travelling as far as 100 miles for healthcare services.

“The net financial benefit derived from the NMTCs was key to allowing us to deliver essential long-term healthcare services for the populations in the region that otherwise would not have been available,” said Curtis James, TRMC principal.  “This funding will not only aid in the construction of the new hospital, but will also fund equipment and services that will absolutely make a difference by giving us the ability to deliver healthcare services that will touch patients’ and families’ lives while improving the healthcare outcomes in the communities that TRMC will serve.”

The $35 million hospital will contain patient diagnostic and treatment spaces, central support functions, acute care inpatient beds, and ancillary services. The new hospital is the first facility of, and the anchor for, a planned 40-acre medical park development.

The lack of a conveniently accessible hospital and an adequately staffed emergency department in the immediate Thomasville vicinity is a significant impediment to additional economic development in the area.

​“A well-developed local healthcare system is a powerful economic engine for a rural community,” said Sara Pietka, Roeder & Company President.

The TRMC project represents a public-private partnership with the city of Thomasville. The city has provided $13.5 million in loans guaranteed by city sales tax proceeds. The project also received USDA Business & Industry Guaranteed Loan financing from ServisFirst Bank.

“The financing structure for this transaction was incredibly complex,” said Reynold Roeder, CEO of Roeder & Company. “However, a major advantage of the NMTC program is how flexible the financing can be as a result of its complexity.  Through a major cooperative effort between TRMC, the City of Thomasville, ServisFirst, the tax credit financing parties, and related professionals, we were able to deliver the benefit required to close the funding gap.”

For more information on the TRMC project, please visit https://trmc-al.com/. 

Roeder & Company, LLC announces the closing of a federal New Markets Tax Credits (NMTCs) financing for the Confederated Tribes of the Umatilla Indian Reservation’s (CTUIR) new education facility on the reservation in rural Oregon. Roeder & Company sourced $17.25 million in Federal NMTC allocation for the financing of the approximately 68,000 square-foot building that will house the Nixyaawii Community School (NCS), a charter high school of the Pendleton School District, as well as the early childhood education, after-school programming, and language classes run by CTUIR. Wells Fargo provided the tax credit equity for the transaction.

Only a few generations ago, educational systems for Native children from Indian reservations were ones of forced assimilation, abuse, and disregard for Tribal heritage. The expansion of the charter high school, early childhood education programs, after-school programs, and language classes will dramatically increase access to programming that builds school readiness and provides a platform for success by infusing language and culture into education for Native American children.

“Culturally specific education is essential to rebuild trust in the educational systems in communities who have suffered this trauma,” said Doris Wheeler, Board of Trustees Treasurer. “This project will expand CTUIR and NCS educational services to over 100 additional students in the area.”

When the project bids resulted in an unexpected increase in the budget, NMTCs were tapped to fill the financing gap.

“The NMTC program is very flexible, and we were able to draw on that flexibility to close a true funding gap in the project budget,” said Sara Pietka, Roeder & Company, LLC President. “The community impacts of this project wouldn’t have otherwise materialized without the net benefit from NMTCs.”

​For more information on the Confederated Tribes of the Umatilla Indian Reservation, please visit http://www.ctuir.org/. 

Roeder & Company, LLC announces the closing of a federal New Markets Tax Credit (NMTC) financing for the San Carlos Apache Tribe’s three new community facilities on the San Carlos Apache Tribe Reservation in rural Arizona. Roeder & Company sourced $5.5 million in Federal NMTC allocation from Clearinghouse Community Development Financial Institution for the financing of two 12,600 square-foot community centers and a community swimming pool complex to include a 16-lane swimming pool with diving area, a wading pool, and a children’s pool in the Gilson Wash District, all within the boundaries of the San Carlos Apache Indian Reservation. Mohave State Bank provided the tax credit equity for the transaction.

These projects are centered around youth and safety. The activity centers will provide recreation options for youth and parents that serve as alternatives for gang activity and drug use.

“The Reservation is currently experiencing a substance abuse epidemic that affects more than 20% of the population directly and almost everyone indirectly,” said Kevin Cronk, Tribal Treasurer.  “The lack of healthy, supervised options outside of school exacerbates the problem, and these centers are critical in changing the social dynamics affecting our young people.”

Each community facility will provide permanent space for the Boys and Girls Club, San Carlos Recreation, Early Head Start, Head Start, District Administration, San Carlos Forestry, Law Enforcement, San Carlos Wellness Program, and the San Carlos Youth Council at no cost. These tenants will in turn offer 15,500 hours of educational, recreational, healthcare, and safety services annually for no or low charge to the surrounding low-income community. 

“The ability to offer these community services at rates accessible to everyone in the low-income community is preserved thanks to the NMTC net benefit provided to the project,” said Reynold Roeder, Roeder & Company CEO. “The Tribe has now seen firsthand the impact that the NMTC Program can have in furthering its development goals on Reservation. We look forward to continuing to work with the Tribe as they seek to maximize positive community outcomes using NMTCs as a financing tool on future projects.”

​For more information on the San Carlos Apache Tribe, please visit http://www.sancarlosapache.com/.