President Clinton to Visit Stout Street Health Center Ahead of CGI America
Stout Street Health Center, which provides integrated health and support services to the homeless in Denver, is being expanded with the help of the New Markets Tax Credit Program
DENVER — President Bill Clinton will visit the new Stout Street Health Center and Renaissance Stout Street Lofts, the latest development from the Colorado Coalition for the Homeless to address homelessness in Metro Denver. The tour will occur in conjunction with the Clinton Global Initiative (CGI) America meeting in Denver this week. With a focus on promoting economic recovery in the United States, the CGI working meeting will bring together leaders from business, foundation, NGO and government sectors to shape solutions that foster economic growth and social mobility. The Coalition’s Health Center and Lofts provide an example of an innovative approach to addressing the integrated health care and housing needs of homeless families and individuals, a population often overlooked by economic policy makers. The development is currently under construction and will be completed in July.
The Center is being constructed with the help of a tax incentive program established by President Clinton in 2000. The New Market Tax Credit (NMTC) program provides tax breaks to individuals and corporations who make investments in local projects geared toward job creation in distressed areas around the country. Partially funded through $17 million in New Markets Tax Credit investments from Building America, a subsidiary of the AFL CIO Housing Investment Trust, and US Bancorp CDC, Stout Street Health Center will help provide lasting solutions to homelessness by increasing integrated health care access for up to 18,000 homeless individuals each year while providing supportive housing for 78 formerly homeless households.
The project has created more than 105 construction jobs and will create 70 full-time permanent health care jobs, as well as job continuity for more than 100 current clinic positions. It is generating more than $70 million in direct and indirect economic activity in Denver and is projected to reduce state and local costs for emergency health care, detox and municipal fire/safety services by 30 percent annually. It is the only development of its kind in the United States.
Since its creation, investments funded through the NMTC program created approximately 550,000 jobs, leveraging over $60 billion in total capital investment in businesses located in communities with high rates of poverty and unemployment.
The Stout Street Health Center is replacing the existing Stout Street Clinic; an aging structure that currently lacks adequate space to effectively meet the complex health care needs of an expanding homeless population, many of whom never had access to medical, dental, vision or mental health care before.
The new Health Center will fully integrate patient-centered, trauma-informed medical and mental health care, substance treatment services, dental and vision care, social services and supportive housing to more fully address the spectrum of problems homeless patients bring to their medical providers. Specialized services for homeless children and families will also be incorporated.
The Stout Street Lofts, funded through the Low Income Housing Tax Credit program, will increase the supply of supportive housing, targeted to the most vulnerable families and individuals with ongoing health and mental health needs that can be addressed through the health center and on-site social services.
“We are excited that the new Health Center and Lofts will immediately create a health care home for more than 18,000 individuals experiencing homelessness in Metro Denver, as well as a real home for families and individuals currently living on the streets or in emergency shelters,” said John Parvensky, president of the Colorado Coalition for the Homeless. “We are grateful that the community has come together to support this vital resource in the struggle to end homelessness in Colorado.”
The $35 million development was designed in accordance with Enterprise Green Communities® guidelines, utilizing energy efficient and healthy building materials in its structure, and interior and exterior finishes. Water conserving plumbing fixtures, ENERGY STAR qualified appliances and energy efficient lighting will be featured. This approach will ensure energy cost savings in the Health Center and for each housing resident.
The project employs a complex financing strategy to bring together public and private funding to maximize the benefit to homeless persons. The Coalition’s development team was able to combine New Market Tax Credits (NMTC) and Low Income Housing Tax Credits to leverage more than $35 million dollars to construct the development.
The Health Center is financed by combining NMTC equity with Affordable Care Act capital funding from the Health Resources and Services Administration. NMTC equity was provided by US Bank Community Development Entity and Building America.
The Colorado Health Foundation, the Anschutz Foundation, the Jay & Rose Phillips Family Foundation, Caring for Colorado Foundation, Gates Family Foundation, Hearst Foundations, the Kresge Foundation and individual donors completed the financing package, ensuring the Health Center will operate in a state of the art facility.
The Lofts are financed with a combination of Low Income Housing Tax Credits, private equity investment, HOME Investment Partnerships Program financing from the City of Denver and the Colorado State Division of Housing, Federal Home Loan Bank funds, and permanent financing through U.S. Bank. This is the 18th affordable housing development constructed and operated by the Coalition.
Since 1985, the Colorado Coalition for the Homeless’ Stout Street Clinic has provided medical and mental health care for more than 100,000 homeless individuals in Metro Denver. For more information, visit www.coloradocoalition.org.