ATLANTA, March 2, 2022 /PRNewswire/ — Renovation will soon be underway at the Grady Ponce De Leon center, an HIV/AIDS clinic providing various medical and support services for people living with HIV/AIDS, due to investment from The Innovate Fund. The Innovate Fund, a New Markets Tax Credits (NMTC) Community Development Entity, provided $12.5 million to assist in the rehab of the facility’s five existing operational floors.
The facility, which treats one out of seven persons living with AIDS in Georgia, is located in the epicenter of the HIV epidemic, Atlanta, GA, where some neighboring zip codes have rates of HIV/AIDS that are six to eight times higher than the national average. The renovated facility will provide improved treatment facilities for dental, ECHO, infusion, imaging, lab, pharmacy, and social support services.
Shannon Sale, the Executive Vice President and Chief Strategy Officer at Grady Health System, said the renovated facility will provide better service to current patients and support new people seeking treatment. "The Ponce Center has not been significantly revamped or updated since the early days of the HIV/AIDS crisis in the 1990s," Sale said. "Since then, everything from perception, to treatment and technology, to floor plan designs have significantly changed. Grady Health is a leader in the global battle against HIV and needs facilities to match that leadership."
The Innovate Fund Program Manager, Emma Wyatt said, "We are proud to assist in the financing of such an impactful project providing frontline care and supporting services for people living with HIV/AIDS. The Innovate Fund prioritizes investments, such as the Grady Ponce project, that improve health and wellness outcomes for our nation’s most vulnerable populations."
Special acknowledgement is extended to U.S. Reps. Sanford Bishop and Drew Ferguson of Georgia for their support of the NMTC program at the federal level. Without the NMTC, vital projects such as this would not be undertaken.
About The Innovate Fund
The Innovate Fund and its affiliates are designated Community Development Entities under the provisions of the Community Development Financial Institutions Fund, which since their inception have been awarded $327 million in allocation of New Markets Tax Credits. The Innovate Fund‘s mission is to service and provide investment capital for operating businesses and real estate development projects in low-income communities across Tennessee, Georgia, North Carolina, and South Carolina. The Innovate Fund‘s partners are the Greenville Local Development Corporation and Tax Advantage Group by Cherry Bekaert.
About Greenville Local Development Corporation
Founded in 1979, Greenville Local Development Corporation (GLDC), a 501(c)(3) non-profit, was established by a group of committed community and business leaders in Greenville, S.C., to address obstacles faced by businesses and community-based organizations in obtaining conventional financing. Since inception, GLDC has been working to provide financial assistance, real estate development coordination, and strategic guidance for economic development projects and business expansions.
About Tax Advantage Group by Cherry Bekaert
Headquartered in Richmond, Va., Tax Advantage Group by Chery Bekaert (TAG) is one of the country’s most successful consulting firms specializing in New Markets Tax Credits, helping nonprofit and for-profit organizations access capital and transform communities. Since 2004, TAG has played an instrumental role in securing funding for more than $1.7 billion for community projects across the United States. In addition, TAG provides compliance and asset management services on $530 million of NMTC assets.
SOURCE The Innovate Fund