New York City Regional Center Provides $20M in Tax Credits for Urban Health Plan's South Bronx Facility
The New York City Regional Center (NYCRC) has closed a $20 million transaction under the U.S. Treasury’s New Markets Tax Credit program to fund construction of an 87,000-square-foot healthcare facility known as the Urban Health Plan Medical Plaza in the South Bronx. The funding is part of a larger $75 million tax credit award allocated by NYCRC through its managed entity, NYC Regional Community Development (NYCR-CDE). This investment supports one of New York State’s largest Federally Qualified Health Center systems—Urban Health Plan—in building an administrative and programmatic hub that will provide mental health services, WIC nutrition programs, and workforce training for approximately 1,000 employees. The new facility is expected to improve service delivery in a distressed area by housing multiple healthcare providers under one roof. It will also serve as the headquarters for Odyssey House—a substance use disorder treatment provider—and MetroPlusHealth, a Medicaid managed care organization. Urban Health Plan serves over 89,000 unique patients annually and operates across twelve primary care sites, two mental health facilities, and school-based centers in New York City’s underserved communities. NYCRC has been recognized for its track record of supporting low-income neighborhoods through capital investment since 2016. The New Markets Tax Credit program was established to stimulate economic growth by directing private investments into historically underfunded areas.
