Grady Hospital’s Women’s and Infants’ Center will undergo a $20 million renovation and expansion, thanks in part to funding from a New Markets Tax Credit allocation received through Atlanta Emerging Markets Inc. AEMI is a certified Community Development Entity created by Invest Atlanta in 2006, that specializes in providing gap financing for large-scale, high-impact projects in Atlanta’s distressed neighborhoods. The New Markets Tax Credit program was instituted by Congress in 2000 to incentivize private businesses and organizations to invest in low-income communities.
Grady’s Women’s and Infants’ Center is home to the only specialized obstetric ICU in Georgia and serves prenatal and gynecological care for vulnerable populations not able to receive care elsewhere. Once the renovation project is complete, the Center, which has not received substantial upgrades in more than two decades, will be able to provide improved medical services to thousands more women. Grady estimates they’ll be able to handle 20 percent more deliveries (up to 3,700 annually), 29 percent more prenatal visits (around 17,500 annually), and 37 percent more services visits for women (around 13,000 annually).
The care provided to Grady’s patients will improve, thanks to better coordination for prenatal, birthing, and post-partum care, as well as the installation of modern design and equipment. The upgrades will also result in operational efficiencies at one of the most important public hospitals in the southeast, and the creation of 50 full-time jobs.
AEMI officially closed on an $8 million New Markets Tax Credit allocation on August 16. The Urban Research Park CDE and SunTrust are allocating $12 million and $2 million in NMTC respectively. Grady is covering the remaining project cost.
Construction has already begun, and the first phase of the project is expected to be complete by the end of this year, with the second phase is slated to begin in 2018.
The improved Women’s and Infants’ Center will help Grady perform at the highest levels of patient satisfaction, clinical quality, and operation efficiency, while delivering more for women and children when it matters most. AT
Source: Atlanta Tribune