Yakima Valley Farm Workers Clinic
Application Acceptance: March 11, 2021. Please note all information provided below is as of the date of the application submission with the exception of Loan Size & Closing Date.
Obligor: YVFWC provides comprehensive medical, dental, nutrition, case management, behavioral health, and social services to underserved areas and low-income populations. YVFWC currently operates 26 medical sites, 14 dental sites, 4 mobile medical and/or dental units, 2 licensed mental health systems and various program sites in Washington and Oregon.
Loan Size: $14,000,000
Description of Loan: Proceeds of the loan will be used to fund a portion of the construction of a medical clinic in western Yakima, WA. The clinic will provide family practice, gynecology, and obstetric services to low-income population. The facility will also have a pharmacy.
Interest Cost Savings: It is anticipated by YVFWC that it will save approximately $1,200,000 in interest costs over traditional taxable interest rate financing. YVFWC is a federally designated FQHC, which means it is obligated to offer services to all low-income population. Savings from the tax-exempt financings proposed in this application will allow YVFWC to continue to deliver quality healthcare services in the most cost-efficient manner.
Purchaser: Bank of America, N.A.
Closing Date: September 28, 2021