PCDC CELEBRATES SCHENECTADY FAMILY HEALTH SERVICE CLOSING WITH FUNDING PARTNERS

Schenectady, NY, June 9, 2005––PCDC joined a team of partners to celebrate the permanent financing of a Schenectady Family Health Service (SFHS)––paving the way for them to complete the renovation of a former car dealership near the corner of State and Brandywine into a thriving new community health center. With PCDC as the senior lender, this unique public-private partnership marks further expansion of PCDC’s programs to upstate New York . It also highlights the tremendous need for the statewide capital grant program that emerged from recent legislation proposed by PCDC and the Community Health Care Association of New York State.

The site is the only federally-qualified community health center in Schenectady County, New York and the only healthcare provider whose mission is to provide primary healthcare to all residents regardless of ability to pay. In that role, PCDC provided SFHS with an advance loan of $803,000 and a grant of $200,000, enabling Schenectady to purchase and secure its new site while project details were still being worked out. PCDC also was able to attract the Community Preservation Corporation (CPC) as an additional long-term lending partner. CPC relied on PCDC's experience in the primary care sector in making its decisions to participate in the financing. Along with funding from local campaigns, government and Metroplex, SFHS will be able to complete construction in late fall 2005.