Black Business Investment Fund (BBIF) provided $12 million in New Market Tax Credit (NMTC) financing for a $35.8 million dollar construction project for The AGAPE Network.
Black Business Investment Fund (BBIF) closed $12 million in New Markets Tax Credit financing for the Agape Village Health Center. The New Markets Tax Credit (NMTC) financing will support the construction of Agape Network, Inc’s $35.8 million state-of-the-art health center.
Agape Network, Inc was founded in 1983 and became a pioneer for supporting disadvantaged residents in Miami-Dade County. They specialize in a holistic healthcare approach that addresses the whole person providing behavioral health services, primary care services, and transition assistance for women and families.
The organization’s Re-Entry Program prepares inmates pre-release, providing services to assist inmates’ rehabilitation as they transition back into the community. Additionally, Agape supports patients living below the federal poverty line with primary care services for uninsured individuals. Through these initiatives, Agape Network helps relieve the burden on the South Florida criminal justice and healthcare system.
With this new construction project, the number of outpatients served will double from 1,000 to 2,500, and residential inpatient capacity will increase from 62-beds to 141 beds! The new facility will also provide primary care and behavioral health services to low-income and underserved populations throughout the entire county.
“On behalf of the Agape Board of Directors and our South Florida community, we want to give a special thank you to The Black Business Investment Fund (BBIF). Their NMTC partnership has made possible the expansion of our Agape Village Health Center, a National Model of Integrated Health Care and Social Services,” said Claudio Perez, President & CEO of the Agape Network. “This expansion will double Agape’s capacity to fulfill its mission of restoring individuals and families to psychological, social, physical, and spiritual health. Thank you BBIF for restoring communities and helping at-risk populations reach their full God-given potential.”
The Project will include a 26,516 square foot community health center, eight cottage units of supportive housing, an early childhood educational center, a commercial-grade teaching kitchen for vocational rehabilitation and on-the-job experience in the foodservice industry.“We are thrilled to support the growth and expansion of the Agape village project. The social, healthcare and spiritual services that Agape provides will create opportunities for the most vulnerable communities of the Miami-Dade area,” said Duane Lewis, COO of BBIF. “The NMTC program allows BBIF to invest in impactful programs like AGAPE, with a proven model of uplifting the BIPOC communities they serve.”
Since 2014, BBIF has financed 25 projects and loan pools with its NMTC Allocations creating an economic impact of 292 million. These projects have been able to aid in creating and retaining 2,920 jobs in Florida’s underserved communities.
- – $35.8 million total project cost
- – 39,963 square feet of new construction
- – 11,687 patients reached annually
- – Support patients living below the federal poverty– incomes less than $14,000 a year
- – 383 jobs created or retained
Financing for this project was made possible through a $12 million New Market Tax Credit (NMTC) from BBIF and the investment from US Bancorp Community Development Corporation. Florida Community Loan Fund supported the project with additional NMTC allocation.