Field Memorial Community Hospital, a critical access hospital in the rural Mississippi community of Centreville, is nearing completion of its new 60,000 square foot facility. HOPE invested $6 million in New Markets Tax Credits (NMTC) and made a $2.5 million loan in the $21 million project, which is supporting 200 construction jobs and 175 permanent jobs. The facility, which is the only hospital within a 40 mile radius, is scheduled to open in June 2015. Since the NMTC program’s inception, HOPE has deployed $75 million in NMTC allocations to 97 businesses, community facilities, and non-profit organizations in the country’s most impoverished region.
HOPE is also the only Community Development Entity in the nation to use NMTCs to capitalize a credit union, investing $15 million to launch the expansion of Hope Credit Union. Since that 2004 transaction, the credit union has grown from $4 million to $180 million in assets; from 4,000 to 30,000 members; from 2 to 23 locations. By leveraging the NMTC program, HOPE has made more than 11,600 loans totaling $327 million, and supported 12,700 jobs in economically distressed communities. Read more about HOPE’s NMTC investments.