The Innovate Fund Provides $12MM of NMTCs Funding to Increase Health Care Options in East Greensboro, NC
Greensboro, North Carolina (March 20, 2024) – The Innovate Fund (TIF), a Community Development Entity serving North Carolina, has announced a significant New Markets Tax Credits (NMTC) investment of $12MM in The Resurgent project. This innovative, five-story office building construction project is spearheaded by the North Carolina A&T Real Estate Foundation and Cone Health. Cone Health will use the first two floors to provide the community with both urgent care and primary care medical services. The remaining floors will provide local businesses with entrepreneurial resources, provided by the East Greensboro Entrepreneurial Hub, as well as office space for the NC A&T Human Resources Department and the NC A&T Real Estate Foundation. The groundbreaking ceremony is scheduled for April 2024.
Cone Health’s Center for Health Equity is dedicated to bridging the gap in health disparities within its communities. Having conducted a thorough site-selection process, Cone Health determined Greensboro’s East Market Street location to be in dire need of assistance. Despite its central position to many frequently accessed community services, the area suffered from a noticeable absence of any health facility. This lack of accessible healthcare prevented its most vulnerable residents from seeking essential health services. As such, The Resurgent project offered the perfect opportunity to address this existing disparity.
However, The Resurgent project faced financial challenges that could have prevented its completion without the NMTC investment. Due to rising inflation and higher interest rates, construction costs quickly increased beyond the project’s borrowing capacity. Fortunately, The Innovate Fund focuses on allocating NMTCs to communities that face significant barriers to health and wellness, and The Resurgent perfectly aligns with this mission by providing essential healthcare services to over 23,000 people living in this medically underserved area.
Without the NMTC investment, The Resurgent would not have been able to move forward at this time. According to the Director of the NC A&T Real Estate Foundation, Kimberly Cameron, “The NMTC subsidy helped us close the widening funding gap and will enable the first phase of this transformative project to move forward.” The North Carolina A&T Real Estate Foundation’s primary purpose is to transform the landscape of North Carolina A&T University, expanding its reach and impact through strategic land acquisition and real estate development and to catalyze positive change that will leave a lasting legacy for generations to come.
Since this project is community facing and provides benefits to the entire local area, it is unlikely that this development partnership with Cone Health would have happened without NMTCs. As a result of this investment, The Resurgent’s successful implementation will create a positive impact on the community by improving health outcomes and reducing health inequity.
