The Innovate Fund Announces New Markets Tax Credits Investment to Expand Healthcare Access and Create Jobs in Tazewell
TAZEWELL, VA – September 17, 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), will fund the construction of an 11,773 square foot 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 around 12,500 patients annually, with a focus on the region’s low-income population.
“NMTC financing enabled this project to move forward,” said Tazewell Community Foundation Board Chairman, Chris Wearmouth. “The commitment of NMTC allocation accelerated the design, procurement and construction phases, allowing Carilion Clinic Family and Community Medicine to begin providing vital primary healthcare services to the community much sooner. The financing filled a key component of the capital stack and allows the Tazewell Community Foundation to preserve its foundation assets to benefit ongoing operations, including providing scholarships and grants to members of the community.”
As part of its commitment to the community, the Tazewell Community Foundation operates a scholarship program that supports local students pursuing careers in medicine. To date, scholarships have been awarded to students at several schools, including the Virginia College of Osteopathic Medicine (VCOM), Liberty University, and Emory & Henry University. Scholarship recipients commit 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 Commonwealth 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.
