Expansion of Community Health Center Services Funded by Tax-Exempt Bonds
In 2010, a $4.9 million tax exempt bond issue helped pay for the consolidation of prior debt to achieve a lower interest rate and the expansion of two beneficial clinics operated by Community Health Association of Spokane (CHAS). CHAS is a medical home for approximately 34,000 patients in Spokane County and Southeastern Washington. CHAS provides integrated primary care services for its patients, including medical, dental, pharmacy, behavioral health and other support services. No patients are refused services because of inability to pay.
By issuing tax exempt bonds through the Washington Health Care Facilities Authority to finance this project, CHAS will save approximately $720,000 over a ten year term by financing at a tax exempt rate as opposed to a taxable commercial bank rate. CHAS leverages its savings from tax exempt financing to provide additional access to its patients. Based on the current cost reimbursement of $244 CHAS receives per medical or dental encounter, this savings will equate to an additional 2,950 encounters over the term of the financing.
Donna Murr, Executive Director
Washington Health Care Facilities Authority