Uptown Consortium, Inc. (UCI) recently invested $10M in New Markets Tax Credits to finance the completion of the University of Cincinnati Medical Center Emergency Department Expansion Project. UCI’s investment will fund the build-out of the second floor featuring a new flex intensive care unit and observation unit, which will serve up to 8,842 patient visits annually.
The second-floor addition is part of a larger 41,000 sq. ft. expansion project launched in 2021 to significantly expand capacity and care in the 30-year-old facility. The expanded physical and operational capacities will increase patient volumes by 10% to 15%, accommodating up to 90,000 patient visits annually. As Greater Cincinnati’s Level I trauma center for adults, UC Medical Center provides care for some of the most critically ill patients in the community, including victims of serious accidents and injuries.
According to UCI President and CEO, Beth Robinson, NMTCs are an immensely valuable tool that continue to advance UCI’s mission to revitalize Uptown. “Applying resources from the NMTC program has enabled UCI to support projects that improve lives and provide economic opportunity,” she shared. The University of Cincinnati Medical Center Emergency Department Expansion Project is the latest example. The community will benefit from enhanced emergency healthcare services and better long-term health outcomes. The project will be completed in the summer of 2023.
Approximately 120 new full-time jobs will be created and retained as a result of the project. UC Health estimates only 17% of the patients that come through the emergency department are commercially insured, and over 50% of patients are low-income residents. The emergency department facilitates the migration to longer, more stable care for low-income, at-risk patients. It offers specialized programming to screen patients for unmet psychosocial needs, mental health and substance use disorders.
History
In November 2022, Uptown Consortium, Inc. (UCI) was one of five Ohio entities to receive Federal New Markets Tax Credits (NMTCs), among 107 across the U.S., and the only community development organization in Cincinnati to be awarded. UCI received $45 million in NMTCs which will be used to support transformational projects in Uptown Cincinnati.
To date, UCI has been awarded $175 million in NMTCs and, in partnership with the Cincinnati Development Fund, managed an additional $52 million allocation as part of the Uptown Cincinnati Development Fund (UCDF). In all, UCI has utilized $182 million in NMTCs in Uptown, which has helped create jobs, provide access to healthy and affordable foods, community facilities and healthcare centers, and bring renewed interest and development to the five Uptown neighborhoods (Avondale, Clifton, Corryville, CUF, and Mt. Auburn). UCI’s NMTC projects have leveraged an estimated $2 billion dollars of additional investment into the community.
What’s Next
UCI has a robust pipeline of unannounced projects that could move forward using the latest allocation of NMTCs. The organization will choose the projects that can have the most impact in Uptown—and share more when plans are solidified.