Boston Medical Center announces $189 million building project
Boston Business Journal - by Mark Hollmer
Tuesday, May 20, 2008
Boston Medical Center has announced plans to build a new ambulatory care building that will be paid for, in part, through a federally funded tax credit program.
The hospital expects $33 million in New Markets Tax Credits from the Massachusetts Health and Educational Facilities Authority, a public state authority that will administer the federal tax credit program.
New Markets Tax Credits are designed to encourage economic development in low income communities.
Overall, BMC expects to receive about $70 million in tax credits for the project. The rest of the $189 million project will be funded through tax-exempt bonds to be issued through HEFA later this year.
Once complete, the nine-story project at East Concord and Albany streets in Boston's South End will give BMC 245,000 square feet of additional space including outpatient services to be consolidated from other locations.
The project is expected to take about 30 months to complete.
Link
Boston Business Journal - by Mark Hollmer
Tuesday, May 20, 2008
Boston Medical Center has announced plans to build a new ambulatory care building that will be paid for, in part, through a federally funded tax credit program.
The hospital expects $33 million in New Markets Tax Credits from the Massachusetts Health and Educational Facilities Authority, a public state authority that will administer the federal tax credit program.
New Markets Tax Credits are designed to encourage economic development in low income communities.
Overall, BMC expects to receive about $70 million in tax credits for the project. The rest of the $189 million project will be funded through tax-exempt bonds to be issued through HEFA later this year.
Once complete, the nine-story project at East Concord and Albany streets in Boston's South End will give BMC 245,000 square feet of additional space including outpatient services to be consolidated from other locations.
The project is expected to take about 30 months to complete.
Link