This is a press release submitted to the Las Vegas Sun. It has not been verified or edited by the Sun.
Loan fund’s largest loan will help renovate and expand Boulder City Hospital
Published on Fri, Jul 5, 2013 (8:12 a.m.)West Sacramento, Calif. — Rural Community Assistance Corporation (RCAC) is providing a $16.2 million construction loan, its largest loan to date, to rehabilitate and expand Boulder City Hospital (BCH) in Nevada. This short-term loan will enable Boulder City Hospital to modernize its facility to meet the needs of its aging local population.
RCAC also will provide a long-term $2.4 million loan when construction is completed, which the United States Department of Agriculture Rural Development (USDA RD) will guarantee. USDA RD will also provide long-term financing through its community facilities direct loan program.
According to the 2010 Census, 60 percent of the population in Boulder City, Nevada is 45 years of age and older, and 27 percent is 65 years of age and older. In comparison, 37 percent of Nevada’s population is 45 years of age or older and 12 percent is 65 years of age or older.
The 18,516 square feet expansion will allow BCH to add two new programs: geriatric psychiatry and acute rehabilitation. These programs are expected to increase services the hospital provides and will focus on low-income seniors who are Medicare eligible.
The project includes remodeling and expanding portions of the existing 57,682 square-foot facility, including: an expanded emergency department; medical outpatient; medical/surgical; and physical and occupational therapy wings. y.
“RCAC is proud to assist Boulder City Hospital meet its community needs, in particular those of its growing aging population,” said Michael Carroll, director of RCAC’s Loan Fund.
BCH was originally built in 1973; there were smaller cosmetic renovations to the facility in the mid-1990s and 2010. The current facility creates operational challenges and does not allow for additional health care services for the Boulder City community.
Community Development Financial Institutions (CDFIs) meet credit needs for vital community projects like the BCH hospital expansion. Due to the large size of the project, RCAC has enlisted Clearinghouse CDFI and NCB Capital Impact to participate in the loan; and each will provide 33 percent of the loan capital.
“We are delighted to partner with RCAC,” said Scott Sporte, Chief Lending Officer of NCB Capital Impact. “Collaborative projects, such as this hospital expansion, can bring the much needed resources to communities and aid those most vulnerable.”
“Clearinghouse CDFI is honored to join RCAC in financing the expansion of Boulder City Hospital", said Brian Maddox, Director of Nevada Operations. "The ability to leverage resources not only expands opportunity for more projects to receive financing, but also allows us to participate in larger transaction for a greater impact."
About NCB Capital Impact
NCB Capital Impact is a Congressionally chartered nonprofit organization and a certified CDFI with a national presence. Capital Impact provides financial services and technical assistance to help make high-quality health care, healthy foods, housing, and education more accessible and attainable, and
eldercare more dignified and respectful.
About Clearinghouse CDFI
Clearinghouse CDFI provides economic opportunities and improves the quality of life for lower-income individuals and communities through innovative and affordable financing that is unavailable in the conventional market.
RCAC is a CDFI and operates a $75 million loan fund that finances affordable housing, community facilities, water and wastewater systems, and small businesses.
Founded in 1978, RCAC provides a wide range of community development services for rural and Native American communities and community-based organizations in 15 western states and the Pacific Islands. RCAC has strong core services and expertise in housing, environmental infrastructure (water, wastewater and solid waste), leadership training, economic development and financing. To find out more about RCAC's Loan Fund products, visit www.rcac.org/doc.aspx?82.