SCH received $13.7 million from the Federal government to fund the family practice and Erie Family Health portions of the new Foster Medical Pavilion. The money came from the New Market Tax Credit program, which encourages investment in low-income communities. Individual and corporate investors receive a tax credit in exchange for making investments in these areas.
The funding will save construction costs on the new building and help the overall financial health of the hospital. It also offsets costs so employees and physicians can better focus on the hospital’s mission of serving patients regardless of their ability to pay.
SCH was chosen to receive the funding because of its location in physician-shortage area, as designated by the Federal government. The money will help create more office space for new physicians.
This is the first time Swedish Covenant has taken advantage of the New Market Tax Credit program.