The Innovate Fund Announces Investment to Expand Healthcare Access and Create Jobs in Tazewell
TAZEWELL, VA (September 10, 2025) – The Innovate Fund (TIF) announced a strategic investment today in an economically distressed area of Tazewell, Virginia, to finance a project that will significantly expand local healthcare services and create dozens of new jobs. The investment, made possible through New Markets Tax Credits (NMTC), is constructing an 11,773 SF Medical Office Building that will provide much-needed primary healthcare services to the community.
In addition to creating 44 new jobs, the project will have a direct and lasting impact on community health. It is expected to serve 12,500 patients annually, with a focus on serving the region’s low-income population.
“NMTC financing enabled this project to move forward,” said Tazewell Community Foundation’s Board Chairman, Chris Wearmouth. “The commitment of NMTC allocation accelerated the design, procurement, and construction phases, allowing Carilion to begin providing vital primary healthcare services to the community much sooner. 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.”
As part of its commitment to the community, the project sponsor also operates 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.
“The medical office building in Tazewell is TIF’s second investment in the state of Virginia. I am proud that TIF’s investments are going to projects that greatly enhance the health and wellness of disadvantaged communities,” said Emma Wyatt, Chief Operating Officer of TIF.
