Accion Opportunity Fund Provides $16M in NMTC Investment for Construction of Behavioral Healthcare Facility in Washington State
Accion Opportunity Fund is pleased to announce the closing of $16 million in New Markets Tax Credit (NMTC) investment for Compass Health, Northwest Washington’s behavioral healthcare leader.
This NMTC investment will support the construction of a new 73,000 square foot behavioral health services facility in Everett, Washington, as part of a larger campus that includes an 82-unit permanent supportive housing development that opened in April 2021.
The new facility will provide in-patient and out-patient behavioral healthcare and pharmacy for adults with chronic mental illness who are either homeless, transitioning out of more intensive mental health treatment facility settings, who may be diverted from incarceration for mental health reasons, or those requiring intensive supports to live independently.
Compass Health’s services are available to all patients regardless of their ability to pay. The new facility will reach 1,920 unduplicated clients per year, 100% low-income (80% experiencing or at risk of homelessness), with a projected 57,682 patient encounters per year.
The project will create or retain 133 full-time equivalent permanent jobs, including 44 jobs that are slated for low-income individuals, those with less than 2-year college degree, or facing barriers to employment.
AOF’s $16 million NMTC investment will be combined with financing from other investors for this $67 million project.
IMPACT: People served
- 1,920 projected unique individuals served annually (100% low income)
- Jobs Created:
- 133 FTE permanent jobs projected to be created or retained (including 44 for low-income individuals, those with less than 2-year college degree, or facing barriers to employment), all paying living wages and receiving benefits
- 174 projected construction jobs (including 157 for low-income individuals, those with less than 2-year college degree, or facing barriers to employment)
Funding of the new Compass Health facility reflects AOF’s ongoing commitment to supporting low-income communities with inadequate access to fundamental services including healthcare, nutrition, education, temporary shelter, and more.
AOF has provided more than $487 million in NMTC investments to help finance the construction or rehabilitation of 40 community facilities or Native American jobs projects, including community health centers, homeless services facilities, at-risk youth projects, and three phases of a Native American forest and salmon fishery restoration project. Since inception, our NMTC projects have created, retained, or supported 9,544 jobs (5,203 jobs accessible to low-income persons) and currently serve 482,951 low-income clients annually.
If you are interested in learning more about AOF’s New Markets Tax Credit Program, please reach out to Priya Srinivasan at email@example.com.