New York – – September 22, 2026 -- New York City Regional Center (NYCRC) has closed $20 million in New Markets Tax Credit financing to fund construction of an 87,000-square-foot healthcare facility in the South Bronx.
NYCRC deploys portion of $75 million federal tax credit award
The $20 million transaction draws on a $75 million New Markets Tax Credit allocation from the U.S. Department of Treasury to NYC Regional Community Development, an entity managed by NYCRC. To secure the allocation, NYCRC had to demonstrate a track record of directing investment capital into low-income communities.
Urban Health Plan Medical Plaza to centralize training and services for 1,000 employees
The capital enables Urban Health Plan, one of New York State's largest Federally Qualified Health Center systems, to build the Urban Health Plan Medical Plaza. The facility will house mental health services, WIC nutrition services, and a centralized training and continuing education center for the organization's roughly 1,000 employees.
Odyssey House and MetroPlusHealth to co-locate as tenants
The Medical Plaza will also house Odyssey House, which specializes in substance use disorder treatment and transitional housing, and MetroPlusHealth, a Medicaid managed care organization serving low-income individuals. Co-locating these providers is intended to improve care coordination for Bronx residents.
Urban Health Plan handles 430,000 patient visits annually across three boroughs
Urban Health Plan serves 89,000 unique patients and logs 430,000 patient visits annually through twelve primary care sites, two mental health facilities, and twelve school-based health centers across the Bronx, Central Harlem, and Corona, Queens. Founded in 1974, the organization provides primary care, pediatrics, women's health, behavioral health, dental, vision, and specialty care regardless of a patient's ability to pay.
NYCRC has closed $390 million in New Markets Tax Credit awards since 2016
NYC Regional Community Development has received eight separate annual New Markets Tax Credit awards totaling $390 million since 2016. Prior fundings under the program include construction of the National Urban League's Harlem headquarters, redevelopment of the Major Owens Community Center in Brooklyn, redevelopment of the Armory Track & Field Center in Washington Heights, expansion of St. John's Episcopal Hospital Center in Far Rockaway, construction of seven Grand Street Settlement early childhood centers, and four Community Healthcare Network clinics across Queens, Manhattan, and the Bronx.
"We are pleased to assist Urban Health Plan's important work," said George Olsen, NYCRC Co-Managing Principal. "Community-based health centers are strengthening the healthcare safety net by providing critical services for underserved communities throughout the city."