Tazewell Community Foundation

Expanding TIF’s Service Area
The Innovate Fund (TIF) made a strategic investment in a new 11,773-square-foot Medical Office Building in Tazewell, Virginia. This project represents our second investment in Virginia, a state that was not included in our service area for the CY23 NMTC allocation. To make this deal possible, we executed a strategic “carve-out” of a portion of our allocation, demonstrating our flexibility and commitment to addressing critical community needs wherever they are identified. TIF’s two Virginia investments using CY22 and CY23 NMTC allocation were part of a larger expansion effort to include VA and WV in the service area. By increasing our service area, we are now able to provide necessary capital to even more distressed Appalachian communities.

Responding to a Community-Identified Need
This project was born from a deep, community-driven partnership. The Tazewell Community Foundation (TCF) was formed in 2009 with a core mission to address the significant healthcare needs of Tazewell County. This mission was directly shaped by the community’s critical shortage of physicians, evidenced by a primary care provider-to-patient ratio of 49.3 compared to the statewide average of 75.5. This severe lack of access disproportionately impacts the county’s low-income residents.

TIF became aware of this urgent need through its own direct community engagement. Our COO, Emma Wyatt, connected with TCF through a mutual connection in early 2024. During this meeting, TCF’s Chairperson, Chris Wearmouth, presented a compelling plan for a new medical clinic that was supported by a completed feasibility and economic impact study. This powerful presentation, which reflected a deep community assessment, directly informed our decision to engage with TCF.

Impact and Outcomes
The project received $6MM in NMTC allocation from TIF and $3MM in NMTC allocation from Truist Community Capital, which enabled the construction of the new medical office building. This new building is expected to have a direct and lasting impact on community health.

Key outcomes include:
Expanded Healthcare Access: The facility is expected to serve 12,500 patients annually with primary care services, focusing on the region’s low-income population.

Job Creation: The project is projected to create 44 new jobs.

Asset Preservation: As TCF’s Board Chairman, Chris Wearmouth, noted, “This financing not only filled a key component of the capital stack, but it also allows the project sponsor to preserve its foundation assets for the benefit of its ongoing operations, including providing scholarships and grants to members of the community.”

The project sponsor also maintains a scholarship program that funds local students pursuing careers in medicine. To date, scholarships have been funded at several schools, including the Virginia College of Osteopathic Medicine (VCOM), Liberty University, and Emory & Henry College, with recipients committing to work in the Tazewell area for at least four years after graduation.