January 24, 2007
Coatesville, PA – The Brandywine Health Foundation,
developer of the proposed Brandywine Health & Housing
Center, announced today that construction has begun on
the project, and that PNC Financial Services Group, Inc.
(NYSE: PNC) has been selected as the investor purchasing
$3.5 million in low-income housing tax credits needed to
finance 24 units of low income senior housing planned for
the Center’s two residential floors. The Center
will also have two commercial floors for ChesPenn Health
Services, Chester County Community Dental, the Child Guidance
Resource Center, and Human Services, Inc.
“We
are pleased to have been chosen by Brandywine Health & Housing
Center as the housing tax credit investor in this
project that will provide a valuable resource in Chester
County - affordable housing for senior citizens,” said
Peter R. Kaplan, vice president of PNC MultiFamily Capital,
a division of PNC.
Pennsylvania Housing Finance Agency awarded the tax credits
in a competitive state-wide process to encourage the development
of low income housing. The Brandywine Health Foundation
applied for the tax credits and currently serves as the
principal investor in the project, which will cost $12.6
million when complete in early 2008. Other financing
sources include $3 million in loan funds from the U.S.
Dept. of Agriculture, $1.5 million in loan funds from Community
Lenders Community Development Corp., the Chester County
Dept. of Community Development ($1.5 million), the Commonwealth’s
Dept. of Community and Economic Development ($800,000),
and the Federal Home Loan Bank ($300,000).
In
December, the Foundation launched its “Closing the
Gap” Campaign to raise
the remaining $1.4 million. Local philanthropists
Brit and Bill Kay have stepped up to the
challenge with a pledge of $500,000, matched already by
Jennifer and Bob McNeil with a gift of
$100,000.
Bob McNeil remarked, “Jennifer and
I see this challenge as an opportunity for all community
members to step up to the plate and support this vital
Center to serve so many of our neighbors. This is
a unique opportunity to provide primary care, dental and
mental health services all under one roof. We are
delighted that the foundation is providing a permanent
home for these agencies, all while making it convenient
for clients to set up appointments to receive a variety
of healthcare services at one time.”
Since its founding in 2001, the Brandywine Health Foundation
has provided over $3.6 million in grants to non-profits
improving the health of the residents of central and western
Chester County. Its largest grant of $1 million was
to open a Federally Qualified Health Center in the City
of Coatesville - ChesPenn Health Services. Since
ChesPenn’s opening in temporary headquarters in the
1000 block of East Lincoln Highway, it has served more
than 1,000 patients with primary care and pediatric services;
its prenatal program opened in the fall of last year.
The foundation has also assisted in the start-up of Community
Dental in Coatesville, bringing the Child Guidance Resource
Center’s behavioral health services to all of the
Coatesville Area School District’s schools, supporting
the Maternal and Child Health Consortium’s Insurance
Outreach Program, and launching Chester County Cares’ Prescription
Assistance Program.
For more information contact the foundation’s Development
Office at 610.380.9080, x102. To make a donation
to the Brandywine Health & Housing Center, please call
or visit
our secure online donation section.
PNC MultiFamily Capital, a division of The PNC Financial
Services Group, Inc., is a leading provider of integrated
products and services for the multifamily housing industry.
Its portfolio
of multifamily, senior and healthcare investments for the
affordable and market-rate housing industry has grown to
more than $2.5 billion. PNC is one of the nation’s
largest diversified financial services organizations providing
retail and business banking; specialized services for corporations
and government entities, including corporate banking, real
estate finance and asset-based lending; wealth management;
asset management and global fund services.
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