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Phoenix Community Development and Investment Corporation (PCDIC), in
partnership with US Bancorp Community Investment Corporation, created
a loan fund for non-profit businesses that have commercial real estate
needs within Phoenix's low-income communities. 
Hacienda HealthCare is the first loan recipient under this fund for
the expansion of their skilled pediatric nursing facility located in
southeast Phoenix. Hacienda, a long-term healthcare facility for children,
has been authorized for a $6 million Phoenix New Markets loan. The financing
will provide for the construction of a 38,000 square foot pediatric
skilled nursing facility that will offer 29 new beds (Phase I) on the
existing site. When all phases of the project are completed, the total
patient capacity will reach 104. As a result of the below market rate
financing, Hacienda will advance Phase II implementation by 12 months.
Established in November 2000 as Arizona's first skilled nursing facility
specializing in the care of infants, children and young adults, Hacienda
remains Arizona's only pediatric nursing facility. The facility's programs
focus on the medical, educational, therapeutic, social and recreational
needs of each patient. Hacienda's services include 24-hour nursing and
respiratory therapy, on-grounds and public elementary and high school
education, respite care and a transition program that allows parents
and relatives to develop the skills necessary to care for their family
member at home.
The non-profit loan structure is based on a two tier program (A and
B loans), that when combined, offer an interest-only loan for 7 years,
up to 100% loan-to-value. This structure will allow non-profit entities
to increase their ability to serve the low income community.
The Phoenix New Markets Loan Program now has three different funds
that can provide help to for-profit and non-profit businesses focusing
on commercial real estate needs-office, industrial, retail, construction,
acquisition-for projects that are located in low-income communities
within the city of Phoenix.
An established business with financing needs of $1 million++ for a
commercial real estate project may be eligible for the program. To see
if your business or project qualifies for a Phoenix New Markets Loan
or for further information, contact either Lynda Dodd at 602-261-8708
or Sara LeBeau, of the City of Phoenix, at 602-534-2351, or visit our
website at www.phoenixnewmarkets.org.
   
Pictured above with permission: Assilem, Jesus, Aurora,
and Bryson.
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